Janus Parent Losing $1 Billion a Day in Assets as Markets Slidegreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
12/01 10:42 Janus Parent Losing $1 Billion a Day in Assets as Markets Slide By Kathie O'Donnell
Kansas City, Missouri, Dec. 1 (Bloomberg) -- Stilwell Financial Inc., the parent of mutual fund company Janus Capital Corp., is shedding more than $1 billion a day in assets as equity markets slide.
Stilwell said assets totaled about $262 billion as of Nov. 30. That's down from about $315.5 billion at the beginning of the quarter and $300 billion at the beginning of the month. The decline averages about $1.27 billion for every day U.S. markets were open this quarter.
The slide in assets under management by the parent of Janus, the best-selling mutual fund company, underscores how much it's been hurt by the plunge in technology stocks. While big bets on computer- and telecommunications-related companies fueled growth, they're now stoking declines.
Janus equity funds fell an average 11 percent in the past month, according to Bloomberg. That compares to Vanguard Group's 5 percent and Fidelity Investments' 5.8 percent. Janus retail funds had net customer withdrawals in September and October.
Stilwell, which also includes asset managers Berger LLC and Nelson Money Managers Plc, as well as a stake in DST Systems Inc., owns about 82.5 percent of Janus.
-- Carl Jenkins (email@example.com), December 01, 2000