A Janus fund manager who ran one of the funds the firm said allowed market timing has stepped down from the firm.

Michael Buchannan, who joined the company in July to run the Janus High Yield fund has left the firm. Buchannan replaced Sandy Rufenacht.

A spokesperson for Janus, Blair Johnson, told the 401kwire that Buchannan stepped down because he wanted to move back to New York City. However, he will be working with the fund's new manager, Gibson Smith, with the transition.

Smith joined Janus in 2001 as a fixed income research analyst and also manages the company's short-term bond products.

Also, Minyoung Sohn will take over the management of Janus' growth and income funds from David Corkins. Corkins will continue managing the Janus Mercury Fund. Sohn joined Janus in 1998. Johnson said Sohn was chosen because of Corkin's faith in his abilities.

"[Corkin's] been working side by side with Sohn for almost six years on all aspects of fund management," said Johnson. "He really felt Sohn had terrific analytical skills a great track record of uncovering business opportunities and was very much ready to step in."

Corkin will continue to manage the Janus Mercury fund.  

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