GLOBAL - Janus Capital has named investment head Gary Black to take over from chief executive Steve Scheid amid a recovery in asset inflows.
“The board of directors of Janus Capital Group announced today that president and chief investment officer Gary Black will become chief executive officer on January 3 2006,” the Denver-based firm said.
Forty-five-year-old Black, who will remain CIO, joined in April 2004 following a stint at Goldman Sachs Asset Management.
Scheid, who joined from Charles Schwab in 2003 when the firm was embroiled in the improper trading scandal, will remain chairman. He took over from former CEO Mark Whiston, also in April last year.
The moves come as Janus disclosed the first net inflow of assets in more than two years.
“This quarter’s long-term net inflows of $1.7bn represent Janus’ highest level in five years and the company’s first quarter with positive flows since the second quarter 2003,” the firm said.
Assets under management at the end of the third quarter stood at $139.4bn, up from $130.3bn three months before. AUM at the INTECH unit rose to $38.2bn from $31.7bn.
“This was our best quarter of flows in five years,” Scheid said. “Our positive flows – combined with strong market conditions during the quarter – led to improvements in our earnings per share and operating margins.”
The firm reported a net income in the quarter of $31.7m, from $25.7m in the previous quarter.