GLOBAL – Janus Capital Group, facing an estimated 4.5 billion dollars of withdrawals by institutions, has hired Gary Black from Goldman Sachs Asset Management to be its new chief investment officer and president.

The appointment follows the hiring of former Citigroup Asset Management executive Jill Paitchel as president of Janus International earlier this year.

Janus has been hit by the improper trading issue that emerged last year, which lead to the departure of international chief Richard Garland following an internal review.

Janus said Black was formerly CIO of active equities at GSAM. Black, who will report to chief executive Mark Whiston will start in late April. Black said his role was “to help a good company get even better”.

“Black’s strong track record, passion for research and respect in the industry make him the ideal choice to lead the company’s investment team and represent Janus in the marketplace,” said Whiston.

“Black will be responsible for the performance of all Janus Capital Group products and investment management activities, including overseeing Janus portfolio managers, research analysts and trading personnel,” the firm said in a statement.

“I have always considered research the essence of portfolio management,” Black said. “My role is to help a good company get even better.”

At GSAM he managed the firm’s chief investment officers, portfolio managers and analysts specialising in growth, value, blend and international equities.

GSAM said it was not clear whether a new candidate would be found for Black’s position.

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