The board of ING Partners Inc., Hartford, says it is removing Janus Capital funds from ING variable product subaccount investment menus.[@@]
The announcement follows a July 29 statement from Janus Capital Group, Denver, warning that a client intends to redeem about $5 billion by year-end. No funds have been withdrawn yet, according to a Janus spokesman.
ING is a unit of ING Groep N.V., Amsterdam.
ING says concerns about Janus include “changes in fund managers, performance and well-publicized investigations, claims and regulatory actions and the corresponding negative publicity,” ING says in a report filed with the SEC.
The ING filing also cites ING’s interest in standardizing its fund offerings and an effort to cut costs by reducing the number of funds offered in ING variable products.
Janus funds that are being substituted include Janus Aspen Balanced Portfolio, Janus Aspen Mid Cap Growth Portfolio and Janus Aspen Worldwide Growth Portfolio. Both institutional and service shares are affected.