Janus Capital Group's Intech Investment Management unit said its chief executive Jennifer Young has stepped down. Replacing her is Adrian Banner, who will continue as its chief investment officer, Intech said.
Intech, a quantitative investing specialist based in Florida, announced the change in a statement on Friday but did not give a reason for it. A Janus executive referred questions to Intech, where executives did not immediately respond.
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With $41.9 billion under management at September 30, Intech accounted for about a quarter of the $158.2 billion in assets under management at Denver-based Janus.
Returns at Intech have been among the stronger results reported by Janus, which is best known for its equity funds and describes Intech as offering "mathematical equity strategies." But through June 30, Intech had reported at least four quarters of net outflows, according to Janus' most recent investor presentation. Intech reported a net inflow of investor cash for the three months ended September 30.
Young joined Intech in 1999 and was named co-CEO in 2009. She became chairman and CEO at the start of this year, according to a company biography. Banner joined Intech in 2002 and was named co-CIO in 2009.
In its statement, Intech said Young "will serve as a consultant to Intech in the coming months to ensure a smooth transition of responsibilities."
(Reporting By Ross Kerber; editing by Gunna Dickson)