Janus losing portfolio manager of $2.4B fund

Laurent Saltiel, manager of Janus Capital Group Inc.’s $2.44 billion Worldwide Fund, will leave the firm at the end of May. Saltiel, who also ran the $230 million International Equity Fund and the $11.7 million International Forty Fund, was replaced on an interim basis by Brent Lynn, the Denver-based money manager said in a letter to investors obtained by Bloomberg News. Janus will conduct an internal and external search for Saltiel’s successor. “Finding the right candidate is a top priority, and we intend to move quickly to fill this critical role,” Jonathan Coleman and Gibson Smith, Janus’s co-chief investment officers, wrote in the May 7 letter. In an April conference call with analysts, Chief Executive Officer Richard M. Weil, who took over Feb. 1, said one of his priorities was to increase the firm’s stability, including “not having major disruptions of our investment team.” At least 15 fund managers and executives left as former CEO Gary Black cut pay and introduced more team-based investment decisions. The Worldwide Fund returned 25 percent in the past year through May 7, beating 69 percent of similarly managed funds. Janus managed $165.5 billion as of March 31. Saltiel couldn’t immediately be reached for comment.