回到黑色

很少有基金经理人已经如此高，如此迅速，如此迅速，如此突然，如此突然，如Janus Capital Group。The growth-stock dynamo raked in billions in the late 1990s from delirious investors with its kick-the-tires research credo and a direct-sales strategy that reached into bedroom communities across the U.S. But assets ballooned faster than its ability to manage them: Addicted to tech stocks the firm crash-landed when the bubble burst. Then, in 2003, it got caught red-handed in the mutual fund trading scandals.

投资者fled; money flew out the door. From a peak of $330 billion in March 2000, Janus's assets plunged to $136.7 billion at the lowest ebb, in December 2002. It seemed nothing could stop the carnage. As recently as this January, seven long years, one bear market and one stirring recovery later, Janus CEO Gary Black was grousing in his cramped, glass-enclosed office at the firm's Denver headquarters, "I think our net flows will probably still be negative in 2007. We are all frustrated."

四分之一的差异是什么。心情 - 和金钱流动 - Janus再次浮现。由于强大的表现和基于广泛的市场情绪从价值到增长的广泛转变，零售投资者在截至3月31日止3月31日截止的季度将资金涌入公司的共同基金。自2001年第二季度以来首次吸引了Janus-Smared资金。尽可能多的钱。实际上，他们将缺乏近10亿美元的净流入，该公司没有与WM顾问，华盛顿共同基金单位的低收入奖学金合同，银行于1月份销往首席财务集团。

盈利能力升级。去年同期季度净收入的速度较为3530多百万美元，较高季度净收入从3530万美元上升，而运营利润率从27.1％增加到27.8％。随着其增长型股权共同基金的三分之二的资产，Janus比任何其他公开交易股票基金经理更好地定位，以便从其核心纪律的复兴中受益。这些事实在投资者上没有丢失。股票占5月下旬52周高的52周高，Janus的股票今年增长了28％，而标准普尔500指数的增长率为8.1％。2002年9月，货币经理的股票以9.08美元的历史为止。

没有人比首席执行官更快乐。“我们相信我们已经转过了角落，”他热烈欢迎。“我们相信Janus Side的流动将在这里积极播放。”

It may be too soon to declare victory -- markets and investors are fickle, after all -- but Black, 47, should bask in the progress. More than anyone, he deserves credit for engineering the turnaround of this once out-of-control highflier. A renowned securities analyst turned investment executive, Black came on board in 2004 as president and chief investment officer with a mandate to restore the firm's battered performance and reverse crippling outflows. He had the pedigree and the chops: a Harvard Business School graduate fresh from Goldman Sachs Asset Management, where he had successfully run institutional and third-party sales and, after just a year, had been promoted to chief investment officer for global equities. In that role he doubled assets in GSAM's value-oriented portfolios, tripled its real estate investment trust business and achieved record flows in growth stocks.

Black首先在20世纪90年代制造了艰难，逆情的呼吁作为AllianeBernstein的一部分是Allianebernstein的一部分的一流的烟草分析师来为1990年代为自己的名字。但他最艰难的呼叫可能是是否加入Janus。事实上，在2003年，他拒绝了成为CIO的最初提议，最终成功的Then-Ceo Steven Scheid。花了六个月 - 和一个甜蜜的补偿包 - 签署他。

The hesitance of Black, who became CEO in January 2006, was understandable. Rescuing Janus was going to be a tough job, requiring him to calm disaffected investors, stanch internal squabbles and reposition the firm in a much more competitive market. The extent of the damage to Janus's reputation and business became painfully clear last year. Even though 14 of the 27 distinct mutual fund strategies in the flagship Janus Investment Fund family recorded top-quartile performances, wary investors still withdrew $9.7 billion in assets.

The powerfully built Black has grappled with the challenges at Janus by applying the drive and determination of the high school wrestler he once was. To rebuild the money manager's investment culture, he tightened risk controls and revamped the firm's compensation plan to reward analysts and portfolio managers for performance rather than asset growth. He tripled spending on research and replaced underperforming managers. He has worked tirelessly to repair Janus's stock-picking reputation by refashioning the firm as a classic growth manager, the investment style he says Janus pursued before its process and risk controls became unhinged in the late 1990s.

“我们购买高质量的公司，但我们试图以纪律的方式购买它们，”黑人说，如同该公司目前的五大职位：Procter＆Gamble，以前瞻性的价格收益比例交易18.2，和雅虎，他们的p / e是39.7。

结果不言自明。在第一季度，Janus资金的资产加权占3.3％，而标准普尔500指数为0.6％ - 最佳投资绩效2005年Merrill Lynch＆Co.持续的14多元化，公开贸易经理。只有39％的Janus基金赢得了康乐器晨星的令人垂涎的四个或五星级评级。截至5月31日，该数字攀升至51％;在其公开交易的同龄人中，Janus仅次于T. Rowe Price Group，57％。

"Gary Black reformed Janus," says mutual fund consultant Jeffrey Keil, founder of Keil Fiduciary Strategies in Littleton, Colorado. "He has done virtually everything he had to do."

Still, performance alone won't sell funds in today's crowded marketplace. That's why Black has deemphasized direct sales and is spending millions to build from scratch a new distribution platform that targets brokers, financial advisers and other third-party sales channels. Retail sales chief Dominic Martellaro, who joined Janus from Van Kampen Investments in 2004, has recruited a battalion of 45 well-paid wholesalers. One of his first hires was a fellow Van Kampen veteran who oversees the team: Jim Yount, a crewcut former Marine Corps officer who once used sleep deprivation to train troops at the Marines Corps Air Ground Combat Center in Twentynine Palms, California. In the first quarter assets gathered through the third-party channel hit $1.1 billion -- the best quarterly inflow ever and more than half the amount that Janus brought in from intermediaries during all of last year. Janus plans to add five more salespeople this year.

“Janus的五十批发商在效率较低的地方更像80，”马丁拉罗说。

到现在为止还挺好。仍然，黑人面临着一系列挑战。近年来，虽然Janus品牌的零售资金发誓，该公司被棕榈滩花园，佛罗里达州的定量子公司，增强的投资技术的恒星表现提出。Intech是众所周知，截至3月31日的大多数机构金额为663亿美元，约占Janus总数为1762亿美元;对其产品的需求使母公司能够报告整体积极流入。但像许多量子经理一样，由于股市波动低，Intech已经暂时了。自1998年以来，它于2006年首次表现了其基准，这是对去年每季度下降的净流入与先前的一年。

为了吸引贴满贴纸资产，黑人必须在顾问渠道中提高销售势头，同时加强刚刚筹集员工，在界定的福利和定义的贡献市场中建立业务。随着投资者循环回到增长的产品，CEO还必须确保Janus的资金分开，除了Alliancebernstein，Almance管理集团和美国世纪投资等竞争基金复合体的产品。不是每个人都相信，黑人的“经典增长”方法注定是一个有用的区分剂。

"Janus used to have hard-core growth," observes Eric Branson, a financial adviser at Raymond James & Associates in St. Petersburg, Florida, who manages about $80 million for retail clients. "Now Janus is boring."

Black's approach to growth stock investing bears more than a passing resemblance to the prebubble Janus. The fundamental, bottom-up research boutique was founded by flamboyant investor Tom Bailey in 1969 with $654,000 raised from 35 individuals. In the early days Janus bought classic growth stocks like Glaxo Holdings and value plays like Waste Management. "Janus's roots were in 'growth at a reasonable price,'" says Karen Dolan, a Morningstar analyst in Chicago.

That interdisciplinary approach worked well for the first two decades. In 1984, when Bailey was managing $400 million, he sold 82 percent of the firm to Kansas City Southern Industries, a railroad operator that owned a stable of money managers, for $24 million. By 1990 assets had reached $2.2 billion. That year the flagship Janus Fund, which had returned an average annualized 19 percent and been ranked in the ninth percentile among its peers for three years, suddenly delivered flat returns, slumping into the 36th percentile. Just 3 percent of the fund's $1.48 billion in assets was invested in media, telecommunications and software companies. To boost performance Bailey steered his analysts into hard-core growth. Helen Young Hayes, a star analyst who had worked at Fred Alger Management before joining Janus in 1987, led the charge.

新的方法很棒。到1995年，当时janus基金返回29％，该公司正在管理309亿美元。1999年，Janus的十大控股九是飙升的技术，电信和互联网股。凭借恒星性能和普遍存在的Janus ADS吹捧其研究实力，资产爆炸的投资者。但该公司的两次分析师伸展太薄，以掌握DOT-COM投资的危险。研究台只是追逐表现并拥有“一种无意义的资产积累文化”，加利福尼亚州圣莫尼卡的投资咨询公司校长迈克尔·罗森（Santa Monica亚慱体育app怎么下载）是加利福尼亚州自20世纪90年代以来的，他决定不带客户Janus。

1998年，堪萨斯城南部的董事长兰登罗兰决定脱离公司的货币经理。Bailey，由他大多数员工支持，首选独自旋转Janus，并导致了反抗对该计划。但是，在2000年6月下旬，他失去了战斗：KCSI将其金融服务持有，包括Janus，进入一个名为STilwell Financion的控股公司，该公司在纽约证券交易所以39.50美元的价格购买纽约证券交易所。Janus占斯蒂威尔资产，收入和利润的约90％。

KCSI's timing couldn't have been worse. Over the next two and a half years, Stilwell's stock collapsed; in December 2002 it traded at just $14. Janus's assets plummeted, and its equity funds fell 65 percent, versus a 40 percent drop in the S&P 500 index. By then Bailey had sold Stilwell his 12 percent stake in Janus for about $1.2 billion and resigned from the firm.

Janus tapped Mark Whiston, the firm's head of retail and institutional sales, to succeed Bailey in January 2003. Whiston, who had joined the firm in 1991, persuaded the board to eliminate the holding company structure. In a reorganization Janus acquired Stilwell and started trading on the NYSE as Janus Capital Group. The money manager then absorbed its former Stilwell siblings. Two became subsidiaries: Intech, which managed $6 billion as of January 2003, and Chicago-based small-cap value manager Perkins, Wolf, McDonnell and Co., which oversaw $5 billion and became the subadviser of the Janus Small Cap Value Fund. Nelson Money Managers, a British firm that ran $1.5 billion, was sold in October 2003. And ten growth funds run by Denver-based Berger Financial Group, which oversaw $14.3 billion, were merged with existing Janus growth products. One sibling was shut down: Oakland, Californiabased Bay Isle Financial, a value manager with $1.1 billion in assets.

Whiston开始了Janus的研究过程的综合改革。他将股权研究团队从1999年的22岁发展到32个分析师，并设计了一个划分研究人员的计划，然后将是一般主义者分为八个单独的行业团队。当Janus成为2003年共同基金交易丑闻中的第一款货币管理人员之一，Janus成为第一批货币管理者之一，他的努力被淘汰。监管机构指责Janus与12名优先客户谈判市场时机安排。在解决方案中，Janus支付了1亿美元的恢复原状，加上科罗拉多州的110万美元的投资者教育，并同意每年2.5亿美元的费用减少，六年的速度为2500万美元。（2006年7月31日，SEC指责三位前Janus高管不当允许市场时机交易。所有三个人都在争取收费。）

丑闻伤害：Janus与SEC的结算害怕投资者并引发了一股管理层的变化。十四年的退伍军人，Cio持续了一年，于2003年4月辞职。韦斯顿在一年后追求，由Scheid，Charles Schwab Corp. Veteran和前Stilwell董事会成员替换为董事长。他制作了两个关键的雇员：销售主任Martellaro和John Zimmerman，他从美国银行资本管理中加入了机构销售。

Janus已经开始求爱黑色，然后是高盛资产管理的全球股市业务的Cio，在海耶斯辞职后不久。新泽西州豪威尔的蓝领镇的电话安装男子的儿子有助于通过宾夕法尼亚大学的沃顿省沃顿学校支付，在那里他通过在A＆P的架子上储存架子来获得经济学学士学位超级市场。后来他在他于1988年完成的哈佛商学院获得MBA的一名保安人员。他加入了桑福德CANDEL CANTER AT AH JOHNSON＆JOHNSON的TYLENOL产品经理之后，他加入了桑福德C.。伯恩斯坦于1992年作为烟草，食品和饮料分析师。他通过在次年4月初的“Marlboro Friday”之前，在菲利普莫里斯的罕见销售评级，在昂贵的卷烟价格战后，在次年4月初的“Marlboro星期五”之前，他的菲利普莫里斯的评级很快就享有了最着名的电话。

“我从那个电话中成为一个明星分析师，”布莱克说，他在他的部门中排名第一，六年作为机构投资者的全美研究团队成员。亚博赞助欧冠

1999年3月，黑人转移到管理层，成为伯尔尼斯坦的买边的机构营销负责人，他的挑战是在增长是国王时期的股权维持价值股的利益。

"We focused a lot on getting people to believe in our deep value strategies," he recalls. "People thought the Internet bubble was permanent, and we were among the first to call it a bubble."

In November 2000 the firm was acquired by growth shop Alliance Capital. Tension ensued, with the Bernstein marketing team complaining about a lack of access to Alliance's growth funds. The following June -- just six months before his unit at AllianceBernstein was shut down -- Black jumped to GSAM as head of the firm's institutional and third-party sales teams in the U.S. GSAM was barely profitable but was beginning to build its adviser-sold platform to reach individual investors. It was the perfect training ground for the future Janus CEO: Black saw that investors who had been burned in the bear market would gravitate toward trusted intermediaries to pick funds for them -- and that advisers would pick GSAM mutual funds if performance was good.

“像父亲这样的人，新泽西州先生，意识到他们不能再这样做了，”黑人说。在他的前七个月内，他帮助GSAM为新资金带来了76亿美元，并将其总资产增加了18.5％，达到2001年年底为3.51亿美元，尽管新资产的重要部分较低- 赚取金钱市场基金。GSAM的机构业务在全球31亿美元中铺设，将该渠道的资产带到2.26亿美元。

由于这些成果，黑人被促进了全球股票的CIO，监督了180人，包括美国和国际市场的增长和价值股票产品的CIO。但是，在几年内，他开始渴望迎接新的挑战。“我寻找原料，”他说。“他们不在GSAM上。”

Janus的CIO搜索委员会于2003年来电来电。Black的纪录为尖端的股票分析师，这是一个有效的机构推销员和股权研究业务的负责人闪闪发光。但是，他曾努力获得，根据作为搜索委员会成员的前Janus员工，从Janus的第一个优惠拒绝了。然后，Scheid通过提供500,000美元的基本工资和其他基于绩效的激励措施来甜蜜的锅，让黑色赚取每年1000万美元的潜力。黑色后六个月后再回到六个月后接受。

2004年4月，当黑人抵达Janus时，有足够的改进空间。研究团队仍然缺乏焦点和纪律。“我们现有的分析师到处都是，”Janus研究总监James Goff说。

Black quickly began administering prescriptions. At the time, only two sector teams, covering health care and global technology, were in place. The CIO increased the number of teams to eight, as Whiston had envisioned. He added more experienced analysts, raising the head count to 35, and hired 18 new research associates to conduct sector-based research. Thanks to bigger travel budgets, Janus's stock pickers went out on the road, conducting the fundamental, bottom-up research that the firm paid lip service to during the bubble.

黑色还为研究人员和投资组合管理人员安装了基于绩效的补偿计划。“今天，除非你超过50百分位数，否则你所做的就是你的基础薪水，”黑色说。“这是这个行业的一个非常高的酒吧。”

Not long after arriving in Denver, Black discovered that several senior Janus analysts, including Goff, were already using discounted-cash-flow models -- a traditional value investor's tool. Black mandated the use of the model in all new product launches and promoted investment professionals who were comfortable using it. The goal, he says, is to buy at a reasonable price companies that are growing their market share, increasing their returns on capital and returning excess cash to shareholders.

One of Black's first moves was to replace Blaine Rollins, manager of the $11.4 billion Janus Fund, which underperformed the Morningstar large-cap growth category in 2004 and 2005, delivering abysmal peer group rankings in the 83rd percentile and the 73rd percentile, respectively. "Blaine was a very hardworking guy who came in at 5:30 in the morning and had a great rapport with the analysts," says Black. "But he wasn't getting the job done." (Rollins, who later resigned from Janus, declined to comment.)

Janus基金的新船长David Corkins，已关闭一个良好的开端：在3月31日止了12个月，他击败了晨尾的成长类别平均3.7个百分点，将基金迁至第19百分位数2006年和4月的第7百分位数。

也有一些意想不到的营业额。2月，Janus首席财务官David Martin辞职，在加利福尼亚州圣莫尼卡的维基顾问中辞职。约翰布莱尔的总法律顾问还离开了Janus。5月1日，Janus Glob Life Sciences基金的经理Thomas Malley，以及Janus Global Technology Technology Fund的联合经理J.Bradley Slingerend，都辞职。一位前Janus分析师今年期望更多的投资人员离开，并表示营业额与对黑人的新补偿公式的不满相关。（黑色和前任高管拒绝发表评论。）

黑色也加强了风险控制。在他到达之前，Janus在同一股票中的资金集中在核心控股价值下降的情况下显着下降了大幅下降。但是，黑人继承了一个只有一个员工向投资组合管理人员提供风险控制数据的操作 - 没有程序或工作人员，以确保他们在这些信息上行事。2005年3月，他聘请了来自MFS投资管理的前定量货币经理Daniel Scherman，作为风险管理和交易总监。Scherman设立了由经常监测职位的投资组合管理人员组成的风险控制委员会。截至去年年底，31％的Janus资产在资金的前25个股票中举行，从2003年底的35％下降，1999年底危险地高55％。

“我问投资组合经理让他们在晚上保持醒来，他们将如何做到这一点，”桑曼说。“当你被迫描述它时，你就会结晶你的思考。”

在黑色下，Janus基金已经扩大了增长管理人员的行列，平均绩效攀登从2003年12月31日12月31日的12个月下跌1.9个百分点，达到了9个月的9.8个百分点，截至3月31日截至3月31日的平均值。去年11月，随着绩效改进的延续Apace，Black向CIO提供了职责，并推动了两名聘请了两名产品经理，聘请了一名来自2001年摩根士丹利的固定收入经理，乔纳森科尔曼1994年加入该公司的股权专家。这一举措表示，黑人已经完成重建Janus的投资文化，并准备专注于建立业务。亚慱体育app怎么下载

黑色的诊断很简单:Janus还是太beholden to do-it-yourself individual investors despite a four-year effort to build a third-party sales channel. The imperative for improvement falls to retail sales chief Martellaro, who has borrowed heavily from the playbook of his previous employer, Van Kampen Investments. He has replicated the same aggressive sales culture, created Web-based portals to serve brokers buying funds and even set up a training service called Janus Labs, which helps them hone their sales skills in the hope that they will pick Janus products. "The ideal would be to nurture your own distribution culture," says the head of a competing mutual fund platform in Denver. "But Janus is in a hurry."

该战略正在获得牵引力。通过新的经纪人经销商渠道通过新经纪人经销商渠道在今年第一季度飙升前通过新经纪人经销商渠道缺口积极流量。2004年和2005年，渠道分别注册了26亿美元和1亿美元的通道。

为了保持资金浇注，黑人正在在Janus顾问系列的负载基金中创造新产品。2006年8月推出的一个此类产品是Janus顾问长/短基金，旨在每年击败360个基点。去年8月，该基金以500万美元的资产接种，截至4月下旬，其零售和机构股份课程每天占用200万美元的新资金。截至4月30日经纪人经销商销售的股份，尚未进行为期94％的返回率为9.4％，并在晨略追踪的137个长期基金股票课程中排名第一百分位数。

尽管最近的最近的性能困境，但是Black已经推出了新的Janus品牌资金，该资金能够重新加上Quand子公司的策略。2005年12月，Janus推出了Janus顾问Intech风险管理价值基金，尚未评估晨星，并在5月份加入Janus顾问Intech风险管理的国际基金，该基金是基准的，该基金是基准，该基金是基准，该基金为MSCI欧洲，澳大利亚和远东指数。2003年1月，他们的前任Janus顾问Intech风险管理的增长基金和Janus顾问Intech风险管理核心基金。

黑色也依靠广告活动来驾驶流动。首席营销官罗宾艺术表示，Janus计划今年在金融贸易出版物上花费超过1000万美元的广告。此外，报摊杂志和报纸的广告将宣传Janus基金 - 但敦促投资者致电他们的顾问。1月份，艺术招聘坎贝尔-EWALD有限公司，沃伦，密歇根州广告局，开发竞选活动。该机构为卫生计划提供商Kaiser Permanente制定了此类形象挑战的客户的广告。“很多人都准备好听到新的Janus故事，”咸菜说。

这可能是真的。但是有一个群体填充的一组是界定福利和定义缴费计划的赞助商。“我们仍然没有很多渠道资产，”黑人承认。

在他到达之前，没有尝试将Janus产品推向投资顾问，或者开发新产品，以满足符合界定的福利计划的风险厌恶CIO。相反，Janus只是创建了其零售资金的机构分享课程。及其体制销售队，只有七名高管，很小。现在Janus推出了产品 - 如新的长短期基金和Janus顾问Intech产品 - 持有寻求稳定，长期回报和固体风险控制的机构特别呼吁。

Janus还推出了在单个经理走出门的情况下，没有风险的资金，这些资金不会有表现融合。该公司的第一个团队管理基金是Janus Global Research Fund，由Goff监督，并于2005年初推出。该机构可以通过单独账户访问的战略，是部门中立，并为分析师团队的最佳思维提供了Entrée。凭借125股全球增长股 - 以及十大持股，只占资产的15％ - 它是高度多元化的。在3月31日止的12个月内，该基金上涨了16％，并在同行中排名第二百分位数。“我们的风险调整后的回报非常出色，”盖夫夸耀。（然而，（类似的国内美国研究基金，也没有表现得很好。）

Janus has intensified its institutional sales push. Zimmerman, who leads the effort, has more than doubled, to 17, the number of salespeople targeting defined benefit and defined contribution plans. One of his most important hires was a new head of consultant relations, Carolyn Patton, who joined in 2005 from Morgan Stanley in London.

“十三名顾问在过去一年中一直通过这里专注于Janus-Managed产品，”Zimmerman说，“从零年度开始。”5月21日，他的团队从一个重大界定的福利计划中加起了2.5亿美元的任务，这是Janus在黑人任期期间赢得的最大的此类任务。（Janus拒绝命名计划赞助商或提供详情。）

一些投资顾问认为Janus-branded offerings still aren't differentiated enough. "There's nothing inherently wrong with the way Janus's products are designed," says Carl Hess, Americas practice director at Watson Wyatt Investment Consulting in New York. "It's just that there are many other choices out there."

固定缴款赢来得更快market, where plan sponsors are more singularly focused on returns. A case in point is the Ohio Public Employees Deferred Compensation Program, which had removed the Janus Fund and the Janus Twenty Fund from its 457 plan following the 2003 market-timing scandal. But last year, on the advice of consultant Ennis Knupp + Associates, the $6.7 billion-in-assets plan reinstated the Janus Twenty Fund, says R. Keith Overly, the program's executive director.

为了提供更多皈依者 - 并维持Janus资产流动的改善 - 公司有更多的工作要做其新的分销渠道。但毫无疑问，经过多年的动荡，它是朝着正确的方向前进。成功“只是在一夜之间发生，”黑人说，他们相信强烈的表现和纪律的投资过程将产生持续改进。“这是我在伯尔尼斯坦和高盛学到的一件事，”他补充道，“建立一个企业需要时间。”