Janus to restore $31.5 million to funds

Mutual fund company Janus Capital Group Inc. on Friday said it will restore $31.5 million related to previously disclosed frequent trading of its accounts and appointed Steve Scheid non-executive chairman.

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Scheid will become chairman on Jan. 1, when Chief Executive Mark Whiston was supposed to take over as chairman under his old contract. As a result of waiving his right to be chairman, Whiston forfeited a cash payment of $20 million to $23 million.

The $31.5 million figure includes: net gains of about $22.8 million realized by the discretionary frequent traders, about $2.7 million representing opportunity cost of those gains had they been available to the funds, management fees of about $1 million received by Janus related to discretionary trading accounts and waived redemption fees of about $5 million.

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The methodology underlying the restoration amounts and the mechanics of payment, including whether the restoration will be paid to the funds or shareholders, have not been determined or agreed to by regulators.

The amount does not include any additional penalties that may be sought by regulators in their investigation of the company, Janus said. The amount was determined by the accounting firm Ernst & Young LLP.