Denver Stilwell Financial Inc. plans to merge its operations with those of the better-known Janus mutual fund company that it controls at the end of the year.
Kansas City, Mo.-based Stilwell said Tuesday it will reorganize under the umbrella of Janus Capital Corp. of Denver, and take the name of Janus Capital Management Inc.
Mark Whiston, who currently serves as president of Janus retail and institutional services, will become chief executive officer when the reorganization is complete on Dec. 31. The organization will be headquartered in Denver, where Janus was founded. Stilwell's offices in Kansas City, which employs 23 people, will close.
Stilwell owns about 92 percent of Janus Capital Management LLC. Janus manages about $135 billion in assets for 4 million investors worldwide.
The company expects to save $40 million annually by combining operations. Up to 140 positions will be eliminated. The companies combined employ more than 1,300 people.
Stilwell shares gained $1.06 to close Tuesday at $15.