Stilwell Financial and its subsidiary, Janus Capital, are merging to form Janus Capital Management, based in Denver. The new entity will manage about $150 billion. The company estimates potential cost savings of $40 million from the merger.
Mark Whiston was named CEO of Janus, effective Dec. 31. Mr. Whiston, president of Janus institutional and retail services units, also will become vice chairman and join the board of directors. Landon H. Rowland, Stillwell chairman, CEO and president, will be non-executive chairman until Jan. 1, 2004, when Mr. Whiston is expected to assume the role. The company is searching for a president, a new position, to assume some of Mr. Whistons duties.
Janus will assume oversight of Stillwells other investment management subsidiaries: Berger Financial Group; INTECH; Bay Isle Financial; and Nelson Money Managers. Its possible the $1 billion in growth assets managed by Berger will be merged with those of Janus.