Janus to Sell Private Client Asset Management Division of Bay Isle Financial to First Republic Bank; Janus Will Retain Bay Isle's Institutional Money Management Division

Company Release - 6/30/2004 9:01 AM ET

DENVER--(BUSINESS WIRE)--June 30, 2004--Janus Capital Group Inc. (NYSE:JNS) today announced an agreement to sell the Private Client Asset Management division of its Bay Isle Financial subsidiary to First Republic Bank.

Under the terms of the agreement, the high-net-worth division will become part of Trainer Wortham & Co., a wholly owned subsidiary of First Republic Bank. The high-net-worth employees will continue to operate out of their Oakland, California, and Hawaii locations. The transaction is expected to close in the third quarter of 2004 and is subject to fulfillment of certain closing conditions.

The Bay Isle institutional money management division, run by Bay Isle CEO Bill Schaff, will remain an integral part of Janus Capital Group. Schaff and his team will continue to provide Value and REIT investment management services to individual and institutional clients and act as sub-advisor for select Janus mutual funds.

"I'm confident that First Republic Bank has the commitment and resources to build the high-net-worth business and that this transition will not affect the high-quality service provided to Bay Isle's private clients for the past 16 years," said Schaff. "Additionally, this allows my team and me to focus solely on delivering strong consistent performance to our institutional clients."

About Bay Isle Financial LLC

Bay Isle Financial is a wholly-owned indirect subsidiary of Janus with approximately $1.2 billion of assets under management as of May 31, 2004. Bay Isle Financial segments its operations into two distinct business divisions: the high-net-worth division and the institutional division.

Based in Oakland, California, the high-net-worth division, with approximately $600 million in assets, provides highly customized portfolios to over 650 private clients primarily located in California and Hawaii. The portfolios reflect each client's unique investment goals, financial circumstances and risk tolerances. The high-net-worth division has been providing investment advice and services to private clients under the leadership of Bay Isle President and co-founder Gary Pollock since 1986.

The institutional division, with over $600 million in assets under management, has a solid reputation for value and real estate investing with an intense focus on quality companies that trade at discounts to fair value. Institutional investment portfolios are run by an experienced Oakland-based investment team led by Bay Isle CEO Bill Schaff, utilizing a time-tested, bottom-up discipline. The institutional division focuses on small- and large-cap value, as well as REIT investing for institutional clients and acting as sub-advisor for certain Janus mutual funds.

About Janus Capital Group Inc.

Based in Denver, Colorado, Janus Capital Group Inc. is a leading asset manager offering individual investors and institutional clients complementary asset management disciplines through the firm's global distribution network.

Janus Capital Group consists of Janus Capital Management LLC, Enhanced Investment Technologies, LLC (INTECH), Bay Isle Financial LLC and Capital Group Partners, Inc. Janus Capital Group also owns 30% of Perkins, Wolf, McDonnell and Company, LLC.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-3713 or download the file from janus.com. Read it carefully before you invest or send money.

Past performance is no guarantee of future results. There is no assurance that the investment process will consistently lead to successful investing.

This press release includes statements concerning potential future events involving Janus Capital Group Inc. that could differ materially from the events that actually occur. The differences could be caused by a number of factors, including those factors identified in Janus' Annual Report on Form 10-K for the year ended December 31, 2003 (Commission file no. 001-15253), which is on file with the Securities and Exchange Commission. Janus will not update any forward-looking statement made in this press release to reflect future events or developments.

    CONTACT: Janus Capital Group Inc., Denver
             Steve Belgrad, 303-394-7706 (Investor Relations)
             Shelley Peterson, 303-316-5625 (Media)

    SOURCE: Janus Capital Group Inc.