The Janus Capital Group, a mutual fund company that is being investigated for improper trading, said yesterday that Michael Buchanan, who runs the $768 million Janus High-Yield fund, is resigning.
Mr. Buchanan, 35, who joined the company five months ago from BlackRock Inc., will become at least the fourth money manager to leave the company this year.
Mr. Buchanan will step down in two weeks, a Janus spokesman, Blair Johnson, said.
He will be succeeded by Gibson Smith, 35, the manager of Janus’s short-term bond funds and assistant manager of the so-called flexible income funds, the company said.
Janus, which is based in Denver, also said yesterday that Minyoung Sohn, 28, will take over as manager of its growth and income funds on Jan. 1. Mr. Sohn was previously assistant portfolio manager of Janus’s growth and income funds and Janus Mercury fund. He will succeed David Corkins, who will continue to oversee the Janus Mercury fund, the company said.