Janus Capital Group Inc.'s Perkins Unit Unexpectedly Gets New CEO

Janus Capital Group Inc.

shares ticked down after the chief executive of its Perkins Investment Management unit quietly stepped down. Jeff Kautz was replaced as the unit's CEO by Tom Perkins in a move that was unannounced by both Perkins and Janus. At Dec. 31, Perkins Investment managed $12.2 billion, or 7 percent of total assets under management by Janus. Kautz had been named to head Perkins effective only last December, replacing Peter Q. Thompson, and continued in his role as chief investment officer. "Jeff was recently named CEO, so we were surprised by his announcement," according to a client letter signed by Janus Chief Executive Richard Weil and Perkins, as reported by Pension & Investments. http://www.pionline.com/article/20150319/ONLINE/150319839/perkins-ceocio-resigns-positions-filled-internally A Janus spokeswoman told the news organization that company officials believe the personnel changes will give "the best opportunity" moving forward for improved results in Perkins' strategies. Tom Perkins joined the company in 1998 and is the brother of its founder Robert Perkins. Janus took a stake in the firm 2003 and fully acquired Perkins last year. Separately on Thursday, Citigroup upgraded Janus to Neutral while JP Morgan cut its price target on Janus to $19.50.