(by Peter Van Bruggen)

ING U.S. Financial Services has informed about its intention to withdraw over $5 billion from Janus Capital Group Inc. funds.

The withdrawal will be completed by the end of the year, ING said on Tuesday. It will mainly affect four Janus Aspen funds: Balanced Portfolio, Flexible Income Portfolio, Mid Cap Growth Portfolio and Worldwide Growth Portfolio.

ING, a unit of Netherlands-based financial services company ING Groep NV, has informed that since the mid- to late-1990s it entrusted Janus with large sums of money.

Complications with Janus funds have begun in last few years, though during 90s they functioned well.
The total sum is over 3.9 per cent of Janus’ $129 billion of assets under management. Since 2000 those assets declined more than 50 per cent.

Janus’ stocks closed at $13.20 on Tuesday having fallen 26 percent, from $17.86.