] broke its own record, but not the kind mutual fund firms hope to break.
Janus had the biggest monthly mutual fund withdrawals since May 2010, Bloomberg's
Christopher Condon writes. In July, investors withdrew $2.2 billion from long-term funds and one large client redeemed $1.3 billion from the Janus Fund
, Condon reports.
Unfortunately, this may be more of a trend than a blip on Janus' radar. Clients have been trickling out of Janus for four years, Condon writes, and Janus reported the 16th straight quarter of net investor withdrawals for the second quarter. The Janus Fund has been behind 87 percent of competing funds for three years, Condon adds.
Condon also notes that Jonathan Coleman
left his post as chief investment officer for equities in April as well as his post as co-manager of the Janus Fund, leaving Barney Wilson
as its sole manager.
To read more, click here
Stay ahead of the news ... Sign up for our email alerts now