Money manager cuts investor fees in mutual funds

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Friday, July 2, 2004 | 9:04 a.m.

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 percent 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, company spokesman Blair Johnson said.

Janus considered the funds' performance over the past few years and expenses relative to industry rivals in determining the changes, Johnson said. The company also sought to benefit as many investors as possible, he said.

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.