US – Tom Bailey is to step down as chief executive officer of Denver-based fund management group Janus after 33 years with the firm he founded in 1969. A successor has yet to be named.

However, Bailey will continue as chairman of the board of trustees at Janus, a position he has occupied since 1970. As chairman he will focus on reviewing and monitoring the performance of the company’s funds.

The rest of the Janus’s management will remain in office and its five-member management committee, which takes care of all the firm’s non-portfolio business, will work with parent company, Stilwell Financial, to find a replacement CEO.

Janus currently has some $159bn (€168bn) in assets under management.