July 8 (Bloomberg) -- Janus Capital Group Inc., the money manager that’s seeking to reverse 19 straight quarters of client withdrawals, hired Myron Scholes, a winner of the Nobel Prize for economics, as chief investment strategist.
Ashwin Alankar, most recently an executive at AllianceBernstein Holding LP, will become Janus’ head of association and risk management, the Denver-based firm said today in in a statement. Both men will work on asset allocation products and report to Enrique Chang, chief investment officer for equities and asset allocation.
Janus, led by Chief Executive Officer Richard M. Weil since 2010, has struggled to stem defections even as it expanded the fixed-income team and created another to focus on multi-asset investing. Th owner of the Janus, Intech and Perkins funds has about $174 billion in assets, mostly in stock funds.
“Myron and Ash are world-class talents who we are thrilled and honored to welcome to the Janus team,” Weil said in the statement.
Scholes, an emeritus professor at the Stanford Graduate School of Business, shared the Nobel Prize with Robert Merton in 1997 for his work on determining the value of derivatives. He is the co-originator of the Black-Scholes options pricing model.
Scholes is currently the chairman of the board of economic advisers of Stamos Partners. He was a partner in Long-Term Capital Management LP, the hedge fund whose $4 billion loss in 1998 set off a near-panic in financial markets and prompted the Federal Reserve to orchestrate a bailout by 14 lenders.
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