Top execs at Janus may be a little disappointed in their bonus checks. The Denver fund firm wrote 2004 bonuses checks totaling $7 million, a lower amount than it projected it would pay before the year started. The fund firm added that it is rewriting the formula for 2005 bonuses to focus on adjusted operating margins and net flows into the company's mutual funds rather than bottom line profits.

The rewrite comes as bottom line profits disappointed in 2004, reports the Rocky Mountain News. The firm's adjusted operating income fell 16 percent to $266.8 million in 2004 from $316.8 million in 2005. That decline cut into the bonus pool.

Still, Chief Investment Officer Gary Black took home a check for $4 million based on the worse-than-expected results. He earned the largest bonus, as is often the case with investment professionals.

CEO Steve Scheid, who took over after the Spitzer scandals caused a shakeup in Janus' ranks, earned a comparative pittance at $760,000. Meanwhile, Chief Operating Officer Girard Miller who joined the firm from ICMA Retirement Corp. the day before Spitzer issued his subpoenas, earned $1.1 million.

Chief Financial Officer Loren Starr received a $600,000 bonus and Chief Marketing Officer Robin Beery took home $494,000 plus another $25,000 "in recognition of her extraordinary contribution to the company."

Janus' board also gave Scheid a raise of 33 percent in his base compensation. His salary will jump to $800,000 in 2005 from $600,000 in 2004.  

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