Montana Public Employee Deferred Compensation Plan, Helena, will drop the Janus Balanced and Worldwide funds as investment options in its $240 million 457 plan, said Mike O'Connor, executive director. The funds were dropped mainly because of performance, but also in response to the market-timing investigation into Janus Capital, Mr. O'Connor said. The plan will retain the Janus Midcap Value fund; trustees decided it was not affected by the investigation, he said.
Investment consultant Arnerich Massena next month will suggest replacement funds in the same asset classes, he said. Shelley Peterson, spokeswoman for Janus, did not return a call seeking comment by press time.
Separately, trustees put the Columbia High-Yield fund on watch because of performance, Mr. O'Connor said. The fund will remain on watch for at least a year and will be reviewed quarterly, he said. Alexis Richel, Columbia Management spokeswoman, said the firm would not comment.
Great-West is bundled provider. The plan offers 20 investment options.