Nobel laureate Scholes among 2 joining Janus Capital Group

Nobel laureate Myron Scholes will join Janus Capital Group as chief investment strategist, while Ashwin Alankar was named head of asset allocation and risk management at the firm and co-portfolio manager of the Janus global asset allocation funds, a company spokesman said.

Mr. Scholes' position is new. Mr. Alankar will assume many of the responsibilities of Dan Scherman, senior vice president and chief risk officer, who is leaving Janus in September to spend time with his family and determine the next step in his career.

Mr. Scholes will work with the Janus investment team to provide macro insights and quantitative analysis specific to hedging, risk management and disciplined portfolio construction, as well as lead the development of Janus' asset allocation strategies.

Mr. Alankar will define short- and long-term approaches to asset allocation, co-manage the Janus global asset allocation funds with Enrique Chang, chief investment officer of equities and asset allocation, and advise on risk management.

Both Messrs. Scholes and Alankar will report to Mr. Chang.

Mr. Scholes is the Frank E. Buck Professor of Finance Emeritus at the Stanford Graduate School of Business. He was awarded the Nobel Memorial Prize in Economic Sciences in 1997 along with Robert Merton for a method to determine the value of derivatives.

Mr. Alankar was the co-CIO of AllianceBernstein (AB)'s tail-risk parity strategies and a senior portfolio manager and senior vice president focusing on the firm's systematic multiasset class alternative investment efforts. AllianceBernstein spokesman Jonathan Freedman said Mr. Alankar's responsibilities are being assumed internally by the team.