U.S. fund industry giant, Janus Capital Corp. is merging with its parent, Stilwell Financial, and has named a new CEO.

Stilwell Financial and Janus will merge operations into a unified organization that will market and distribute investment products globally under the Janus brand name. Headquartered in Denver, the new organization will be created by merging Janus Capital Corporation into Stilwell and will be named Janus Capital Management Inc.

Janus will be led by Mark Whiston, who will become chief executive officer on December 31, the expected date of the merger. An 11-year Janus veteran, Whiston currently serves as president of retail and institutional services.

As part of the merger, Janus will be responsible for the strategic direction of Stilwell’s investment management subsidiaries. These subsidiaries include Janus Capital Management LLC; Berger Financial Group LLC, which owns Enhanced Investment Technologies LLC and Bay Isle Financial LLC; and U.K.-based Nelson Money Managers plc. Collectively, these firms manage approximately US$150 billion in assets.

“Through this transaction, we will create a stronger, more efficient organization that will begin to unlock the potential value of our stockholders’ investments. Our holding company structure will no longer be necessary, and we will be able to eliminate redundant expenses,” explained Landon Rowland, president, CEO and chairman of Stilwell Financial in a release. “The new Janus will have greater growth potential with a more diverse product line distributed under Janus’ well-recognized global brand.

In Canada, Janus funds are sold through products managed by Investors Group, Mackenzie Financial, London Life and Quadrus Investment Services.