There is a new senior post in the fund industry as of today. When executives of Stilwell Financial and Janus Capital detailed the firm's reorganization today, they also let it be known that they are looking to their competitors for a new president. That executive, who has not yet been discovered, will report to Mark Whiston who takes the CEO reigns in January.

"I am taking this step because I want to bring in someone with a fresh perspective," Whiston explained. He also pointed out that the industry is full of talented executives.

Whoever the new president is, that executive will be based in Denver -- not Kansas City. He or she will also have to manage a group of Janus veterans known for their strong egos and flush with the success of a palace coup. Most of the executives running the day-to-day operations at the firm will also be Janus veterans, including fund manager Helen Young Hayes who joins the firm's board in 2003.

"A new management team has emerged at Janus," confided Landon H. Rowland, currently president, CEO and chairman of Stilwell. "We are comfortable with that team."

With the investment strategy of Janus under the strong grip of the fund firm's investment pro's the president will likely be charged with setting Janus' corporate strategy, specifically how to balance manufacturing and distribution sides of the business.

That dance between the two sides of the business, is one of the keys to the reorganization, said Whiston.

He pointed out that Janus has quietly built significant distribution with financial advisors and other intermediaries. It also now boasts some $30 billion of assets placed in defined contribution plans and it has a burgeoning subadvisory business. Whiston also sees international opportunities for the firm.

That hopeful outlook stands in stark contrast to what the Janus brand stands for with many investors.

"One of the things that Janus has suffered from is that it is seen as an enterprise fixated on growth stocks," admitted Rowland. He expects the reorganization to provide the opportunity for Janus to change that perception.

That task will face both Whiston and whoever sits in the now empty office across the hall from his. It will not be an easy one to accomplish.  

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