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Janus says international chief Garland resigns

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GLOBAL – Richard Garland has resigned as chief executive of Janus International and managing director of Janus Global Adviser, the company said.

The departure follows an internal review of the Denver-based firm’s trading activities amid the improper trading scandal.

“Over the past several weeks, we’ve been conducting a thorough review of the origins of the frequent trading arrangements,” said chief executive Mark Whiston in a regulatory filing today.

“Based on that review, we believe that a few employees thought that limited, controlled market timing was not harmful to the funds or their shareholders.

“The few employees central to the decisions to accept the discretionary trading arrangements had either left Janus prior to the announcement of the NY Attorney General’s allegation or have resigned and are now no longer with the company.”

Garland had been implicated in a probe into Janus’ market timing activities by the New York Attorney General’s office.

Garland will be replaced by Erich Gerth, previously vice president and national sales director of Janus Global Adviser. Gerth will have the title of managing director of Janus Global Adviser and assumes responsibility for international institutional sales, and broker-dealer and independent adviser.

Gerth joined Janus in July 2003 from Goldman Sachs Asset Management.

David Schofield, Janus International’s institutional sales director for Europe, has been named to the new role of regional sales director for Europe and the Middle East.

“In addition to his institutional sales responsibilities, Schofield will direct Janus International’s sales efforts for the broker-dealer and adviser communities in Europe and the Middle East,” Janus said in a statement. London-based Schofield will report to Gerth.

Janus also said it had hired lawyer Marianne Smythe, a former director of the Securities and Exchange Commission’s Division of Investment Management, to review its compliance operations.

“We have set a clear direction for moving forward at Janus and are diligently working to address your needs, questions and concerns,” said Whiston.

At the end of October Janus had a total of 149.8 billion dollars in assets under management, up 3.4% from the month before.

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