Denver-based Janus Capital Group Inc. today named Jill Paitchel as president of Janus International, its global division based in Westport.
The mutual funds company said Paitchel, formerly of Citigroup Asset Management, will be responsible for day-to-day oversight of international business, which had more than $6 billion in assets under management at the end of 2003.
Paitchel will report to Erich Gerth, senior vice president and managing director of the Janus Global Adviser business.
Gerth replaced Richard Garland, 42, who resigned last fall. Investigators said Garland may have approved improper trading arrangements. (See WestportNow Nov. 18, 2003)
Garland was at the center of a market-timing scandal that enveloped Janus and three other mutual-fund groups in early September.
New York Attorney General Eliot Spitzer alleged that Janus had allowed a New Jersey hedge fund, Canary Capital, to make short-term trades in the Janus High Yield and Mercury funds.
Market timers like Canary were allowed to trade quickly in and out of mutual funds, skimming returns that might have otherwise gone to long-term investors and adding costs.
More than 40 mutual-fund industry executives have either been fired, forced to resign or suspended because of their involvement in late trading or market timing, according to Bloomberg News
