Banknorth Group Inc., Portland, Maine, added the Fidelity Balanced and Diversified International funds as investment options in its $137 million 401(k)/profit-sharing plan, said Kevin Brown, vice president-retirement plan services unit. The plan dropped the Janus Balanced and Overseas funds because of "negative publicity" associated with market-timing investigations into the firm, as well as concerns about the "shrinking size" of Janus Capital following the manager's termination by other clients, Mr. Brown said.
"We are very encouraged by the recent performance of the Janus Balanced and Overseas funds and are confident our portfolio managers will continue to deliver strong long-term returns," said Shelley Peterson, Janus spokeswoman.
The plan offers 11 investment options. Record keeping and administration are handled internally; no consultant was used.
