Are all the mutual fund timers exploiting legal and moral
When Janus began its' public relations counter-offensive in
the wake of fallout over the Canary Capital mutual fund timing
scandal, some interesting facts came to light. Irked by
Morningstar's decision to drop buy recommendations on all Janus
funds, the group's CEO Mark Whiston fired back in a letter. In
addition to pledging to make Janus investors whole if they lost
any capital, he tried to put the matter in perspective by
pointing out that mutual fund timers represented only half a
percent of assets under management.
Half a percent may not sound like a lot, but considering the
fund group has $150 billion by the latest estimates - that's
$750 million in mutual fund timing strategies being spearheaded
by hedge fund shops at Janus alone. And such a sum certainly
isn't insignificant to Janus, which has seen its overall...