Janus Capital Group is transferring the Janus Focused Value Fund and Janus International Equity Fund to Phoenix Investment Counsel, pending shareholder approval, said spokeswoman Shelley Peterson. Janus had been responsible for "distribution and marketing of the two funds, but had no ownership stake," she said. Janus trustees voted to transfer the funds - which the firm obtained through a fund adoption agreement with Vontobel Asset Management in October 2003 - to another adviser because Janus decided to offer products managed exclusively by Janus or its subsidiaries.
Vontobel will continue to manage the two funds through a new subadvisory deal with Phoenix. "Phoenix will be (Vontobel's) new Janus, so to speak, and our focus ... will be on offering new funds with our own internal management team or through an acquisition," Ms. Peterson said.