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CIBC World Keeps 'Sector Outperform' on Janus


CIBC World keeps its sector outperform rating on Janus Capital Group (JNS).

Analyst Ken Worthington says Janus gave an update on its internal investigation of market timing in Form 8-K. The key takeaway point is that Janus had 12 U.S. relationships with about $380 million of assets in Janus funds where clients had the ability to trade its funds more frequently than four times a year. Of those 12 relationships, only four were actively traded Janus funds.

Given this apparently limited wrongdoing, and Janus' swift termination of the involved employees, Worthington thinks redemptions at Janus, which have risen of late, will quickly return to pre-probe levels. He's keeping his $21 target.


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