Citing "changing market conditions and investor migration toward advice-driven channels," Denver-based Janus Capital Group said March 16 that it will merge its advisor-sold mutual funds with its retail funds, creating one no-load mutual fund platform that the company said will provide investors with a broader range of investment strategies. In addition, said Robin Beery, president of Janus Funds and executive VP of Janus Capital, the merger "creates opportunities for reduced fund expenses over time."
The merger is expected to occur on or about July 6, 2009, and will take place between the Janus Adviser Series (JAD) trust and the Janus Investment Fund (JIF) trust, which was set up to serve self-directed investors. After the merger, the direct investment platform will be closed to new investors but will continue to be available to current direct investors and members of their immediate families and households.
The company, which as of year-end 2008 had $123.5 billion in AUM, said the JAD funds would be merged into existing JIF funds, which will have some differences in fund names from those currently in place in the JAD trust. In addition, 10 new funds will be created in the JIF trust for JAD funds that have no corresponding JIF strategy.
| Existing JAD Fund | Existing JIF Fund | Resulting Fund | |||
| Janus Adviser Balanced Fund | Janus Balanced Fund | Janus Balanced Fund | |||
| Janus Adviser Contrarian Fund | Janus Contrarian Fund | Janus Contrarian Fund | |||
| Janus Adviser Mid Cap Growth Fund | Janus Enterprise Fund | Janus Enterprise Fund | |||
| Janus Adviser Flexible Bond Fund | Janus Flexible Bond Fund | Janus Flexible Bond Fund | |||
| Janus Adviser Large Cap Growth Fund | Janus Fund | Janus Fund | |||
| Janus Adviser Growth and Income Fund | Janus Growth and Income Fund | Janus Growth and Income Fund | |||
| Janus Adviser High-Yield Fund | Janus High-Yield Fund | Janus High-Yield Fund | |||
| Janus Adviser Orion Fund | Janus Orion Fund | Janus Orion Fund | |||
| Janus Adviser International Growth Fund | Janus Overseas Fund | Janus Overseas Fund | |||
| Janus Adviser Research Core Fund | Janus Research Core Fund | Janus Research Core Fund | |||
| Janus Adviser Small-Mid Growth Fund | Janus Triton Fund | Janus Triton Fund | |||
| Janus Adviser Worldwide Fund | Janus Worldwide Fund | Janus Worldwide Fund | |||
| Janus Adviser Perkins Small Company Value Fund | Perkins Small Cap Value Fund | Perkins Small Cap Value Fund | |||
| Janus Adviser Perkins Mid Cap Value Fund | Perkins Mid Cap Value Fund | Perkins Mid Cap Value Fund | |||
| Janus Adviser INTECH Risk-Managed Core Fund | INTECH Risk-Managed Core Fund | INTECH Risk-Managed Core Fund | |||
| Janus Adviser INTECH Risk-Managed Growth Fund | None | INTECH Risk-Managed Growth Fund | |||
| Janus Adviser INTECH Risk-Managed International Fund | None | INTECH Risk-Managed International Fund | |||
| Janus Adviser INTECH Risk-Managed Value Fund | None | INTECH Risk-Managed Value Fund | |||
| Janus Adviser Forty Fund | None | Janus Forty Fund | |||
| Janus Adviser Global Real Estate Fund | None | Janus Global Real Estate Fund | |||
| Janus Adviser International Equity Fund | None | Janus International Equity Fund | |||
| Janus Adviser International Forty Fund | None | Janus International Forty Fund | |||
| Janus Adviser Long/Short Fund | None | Janus Long/Short Fund | |||
| Janus Adviser Modular Portfolio Construction Fund | None | Janus Modular Portfolio Construction Fund | |||
| Janus Adviser Perkins Large Cap Value Fund | None | Perkins Large Cap Value Fund |
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