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American Century CIO Resigns to Take Same Role at Janus

Enrique Chang becomes a co-CIO at Janus, replacing Jonathan Coleman, who will focus on managing Janus Fund. American Century's new CIO search starts immediately.

Gregg Wolper, 04/09/2013

American Century announced Monday that CIO Enrique Chang has resigned, effective last Friday, April 5. The firm's CEO, Jonathan Thomas, told Morningstar that the search for a new CIO begins immediately and will include both internal and external candidates. He said there is no specific time frame to bring in the replacement, and that Chang will remain available for consultation for several months. In the interim, the six investment personnel charged with overseeing separate areas at American Century in the role of CIO of their sector--such as fixed income or value equity--will remain in those roles and report directly to Thomas.

Chang has been CIO at American Century since 2007. Although in his first few years there was a significant amount of turnover among portfolio managers and sector CIOs, recent years have seen more stability in that regard, as well as more discipline in the various investment approaches.

On Tuesday morning, Janus JNS announced that it will be Chang's destination. After a leave, Chang will join the Denver firm in September to become co-CIO in charge of equities and asset allocation, replacing Jonathan Coleman. Coleman will step down from this role to focus on managing Janus Fund JANSX, which he's run since November 2007. Janus' other co-CIO, fixed-income head Gibson Smith, remains in place.

Janus CEO Richard Weil said the firm has been searching for a new co-CIO since Coleman indicated more than a year ago that he wanted to step down from that role. Weil cites the success of American Century's equity funds in beating their peers over the past three years under Chang as a reason for the hire. He also noted that those funds have attracted money from advisors--a market where Janus is trying to make inroads since it closed  the retail shares of its funds several years ago.

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Gregg Wolper is an editorial director and senior mutual-fund analyst at Morningstar.

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