yep and others think so too >>> ING says costly good-bye to Janus
8/18/2004 12:29:44 PM
DENVER, Aug 18, 2004 (United Press International via COMTEX) -- Dutch financial-services giant ING is pulling $5 billion out of four mutual funds run by Janus Capital Group, the Wall Street Journal reported Wednesday.
ING U.S. Financial Services, an arm of ING Groep NV, told the Securities and Exchange Commission it will withdraw its stake in Janus' Aspen funds by yearend.
The $5 billion withdrawal puts a big dent in the four funds, Janus Aspen Mid Cap Growth Portfolio, Janus Aspen Balance Portfolio, Janus Aspen Worldwide Growth Portfolio and Janus Aspen Flexible Income Portfolio.
At the end of June those funds held assets worth about $9 billion.
Concerns about "investment performance, cash flows, investment talent and ongoing feedback from our customers" prompted the move, an ING spokeswoman said.
ING's no-confidence vote comes as Janus has begun posting strong performance.
Fund-tracker Lipper says that over the past 12 months nearly 70 percent of its stock funds have beaten their average peers. In fact, over the past three-, five- and 10-year spans, the majority of Janus' stock portfolios have beaten their average competitors by Lipper's tally.
Copyright 2004 by United Press International
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