Planned Spinoff Causes Much Grumbling, but Little Fumbling, at Janus
Janus Capital thinks its' getting railroaded by parent Kansas City Southern Industries (KSU Quote), but there's probably no reason to panic if you own shares of a Janus mutual fund.
Last week, regulators and Kansas City Southern's board of directors approved the spinoff of the firm's financial-services firms from its rail transport business. The financial subsidiaries are being bundled together into a holding company, Stilwell Financial, named for the railroad's founder. Besides Janus, the companies include another Denver fund shop, Berger Funds, London-based Nelson Money Managers and DST Systems, a financial data-processing agency.
Stilwell shares will be distributed to Kansas City Southern shareholders on July 12. The new company will begin trading on the New York Stock Exchange under the ticker symbol SV by mid-July. ...
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