Tom Bailey Steps Down at Janus

June 12, 2002 ( - Tom Bailey will step down as president and chief executive officer of Stilwell Financial's beleaguered Janus mutual fund group as of July 1, the company announced.

Bailey, who launched Janus Fund in 1969, will remain chairman of the board of trustees of the Janus funds. He will continue to work with the trustees, focusing primarily reviewing and monitoring fund performance.

The remaining members of the fund group’s management committee will continue to run the firm’s operations, the company said.

Stilwell, which also owns the Berger fund group and Nelson Money Managers, has suffered poor performance and investor redemptions from the Janus funds, which were heavily invested in technology in the late 1990s.