DENVER -- James Craig will turn over management of the $31 billion Janus Fund to the fund's assistant portfolio manager Blaine Rollins Jan. 1; Mr. Craig will become a full-time chief investment officer.
Mr. Craig has been chief investment officer as well as manager of one of Janus' largest mutual funds. Mr. Craig also will become director of research, a new position.
Mr. Rollins' current duties as portfolio manager of the $2.5 billion Janus Balanced and $969 million Janus Equity Income funds will be assumed by Karen Reidy, who has been assistant manager of those two funds. Ms. Reidy will continue as assistant portfolio manager of the Janus fund.
John Schreiber, who was assistant portfolio manager of the Balanced and the Equity Income funds, will become assistant portfolio manager of the Janus Fund.
The changes have nothing to do with the spinoff plans of Janus' parent company, Kansas City Southern Industries, Mr. Craig said.
KCSI intends to spin off Janus and its two other non-railroad subsidiary companies into a distinct new firm, possibly before year's end.
High-yield fund launched with social investment focus
PORTSMOUTH, N.H. -- Pax World Fund Family has launched a high-yield socially responsible corporate bond fund, the Pax World High Yield Fund.
According to portfolio manager Diane Keefe, it will focus on 30 to 40 companies with high asset value in relation to debt and will concentrate on the telecommunications, media, manufacturing, consumer products, health care and service industries.
Ms. Keefe expects the fund will be especially attractive to foundations, endowments and pension funds.
Oppenheimer introduces stable value fund of funds
NEW YORK -- OppenheimerFunds Distributor launched the Oppenheimer Capital Preservation Fund, a stable-value fund of funds targeting defined contribution plans.
The fund initially invested in five Oppenheimer funds: limited-term government; money market; bond; strategic income; and U.S. government trust.
With limited interest-rate risk, the stable-value fund is expected to have a duration of three years. Bank of America is providing the wrapper agreement for the fund.
Cancer research spurs investment fund
NEW YORK -- Kinetics Asset Management has launched a no-load mutual fund that invests primarily in companies engaged in cancer research and treatment, biopharmaceutical research and the development of medical instruments for therapeutic purposes. The Medical Fund assets will be managed by Peter Doyle, Kinetics' chief investment strategist.
This is a time of unprecedented accelerated advances in the prevention, treatment and cure of disease and illness, said Steven Samson, Kinetics' president and chief executive officer.
Monument launches telecommunications fund
BETHESDA, Md. -- Monument Funds Group Inc. has launched the Monument Telecommunications Fund. The assets will be managed by J. Michael Gallipo, who joined Monument in August from Van Eck Global of New York, where he was an investment analyst. "The emergence of broadband access will play a huge role in the industry over the next several years," said Mr. Gallipo. "And the convergence of voice and data networks will become increasingly important in the telecommunications industry, generating some great investment opportunities."
