By Robert Maharajh US-based Janus Capital is continuing its aggressive expansion into international ...
By Robert Maharajh
US-based Janus Capital is continuing its aggressive expansion into international markets with the launch of a range of funds often based on existing US mutual fund portfolios.
This month the company launched three Dublin-based funds across Europe.
All will be run in accordance with the highly growth-focused style for which Janus is known in the US.
The new funds will be Global Technology, Life Sciences and US Venture. The Global Tech fund will be modelled on the $10bn US mutual fund launched in December 1998 and will be run by the same portfolio manager, Mike Lu.
The Life Sciences fund will focus on biotech, healthcare and pharmaceuticals. The fund will be modelled on a $2.5bn US mutual fund, managed by Tom Malley, which gained 61% over 1999. The US Venture fund will focus on US small caps.
The funds will be registered in a number of European countries, including Germany, France, Belgium and Austria.
Richard Garland, chief executive officer at Janus International, said: "The Technology and Life Sciences funds in particular have exceptional performance records in the US and we plan to roll out the offshore funds around the world.
"After the Europe launch is completed we plan to market them actively in Asia."
In addition the group has entered the Japanese market via an alliance with Nomura Securities. This distributes separate versions of the Global Technology and Life Sciences funds, structured as part of Nomura's Luxembourg fund range but sub-advised by Janus portfolio managers and sold under the Janus name.
Garland said: "This is our first entry into the Japanese market. The alliance with Nomura appears to have been highly effective and, although the first placing has not yet closed, we expect a figure of more than $700m."
Janus launched its international operations in December 1998 with the Janus World Fund umbrella based in Dublin, which now contains in excess of $1.8bn.
Excluding the new funds the umbrella contains the $800m 20 fund, modelled on the $42bn US fund and managed by the same portfolio manager, Scott Schoelzel. It also contains the All Cap Growth fund, modelled on the US-based Olympus fund, which focuses on large, mid-sized and small US stocks.
In addition, it has a balanced fund comprising a blend of bonds and equities and three bond products investing predominantly in US fixed income.
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