Janus Capital Group has plans to fold a $2.2 billion fund into another offering less than half that size, following the retirement of the larger fund's portfolio managers.

In a letter to shareholders filed with the SEC Tuesday, the company explained the reasons and terms behind the proposed folding of its $2.2 billion Olympus Fund into its $1 billion Orion Fund.

Last month, Janus announced the retirement of Olympus Fund managers Claire Young and Blaine Rollins. Since their duties were handed to Orion Fund manager Ron Sachs, the merger should simplify matters for him. In addition, the company's letter pointed out the two funds have similar investment objectives, though Orion has a more concentrated or non-diversified portfolio, with greater exposure to foreign (including emerging) markets.

The Olympus Fund's board of trustees approved the move on July 5, so the proposal now waits on shareholder approval at an October 2 meeting to be held at Denver's JW Marriott. In preparation, Janus will close Olympus to new investors this Friday, July 14.  

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