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Janus cuts its mutual-fund fees

By The Associated Press

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DENVER — Janus Capital Group has cut investor fees in its mutual funds by up to 23 percent as part of a settlement of allegations of improper trading.

The cuts, effective Thursday, range from 1.5 to 23 percent, the Denver-based money manager said in a letter filed with the Securities and Exchange Commission.

The changes should affect nearly all Janus investors, according to company spokesman Blair Johnson.

Janus in April agreed to reduce fund-management fees by $125 million over five years to settle claims by state and federal regulators that it allowed certain investors to engage in market timing.

Timing — quick trades that can bring profits at the expense of long-term shareholders — is not illegal, but Janus policies discouraged it.

Janus also agreed to $100 million in penalties and restitution.

Copyright © 2004 The Seattle Times Company

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