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The Markets December 21, 2007
Janus Closes 3 Funds to New Money
Janus Capital Group Inc has stopped accepting cash from new customers in three funds that invest in non-U.S. stocks.
Reported by Rebecca Moore
Janus said in a statement it has closed the $10.9 billion Overseas Fund, the $2 billion Adviser International Growth Fund, and the $3 billion Aspen International Growth Portfolio to new investors, effective immediately. All three funds are managed by Brent Lynn.
Existing Janus Overseas Fund shareholders, retirement plan sponsors, and their participants may continue to purchase shares and reinvest any dividends or capital gains distributions. Janus Adviser International Growth Fund and Janus Aspen International Growth Portfolio will continue to accept investments from current qualified retirement plan and variable product sponsors, Janus noted.
“We believe that closing these portfolios is in the best interests of existing shareholders,” Janus Co-Chief Investment Officer Gibson Smith said in the statement. “By better controlling the flows coming into the portfolios we give Brent Lynn the flexibility to invest in the types of international growth stocks that are consistent with his style.’