Armed with additional capital and operating under an interim chief executive, Janus Capital Group Inc. has a long climb ahead for a recovery.

At midyear the Denver fund company's assets under management stood at $132.6 billion, down from $330 billion in 2000. In the past five years it has improved fund performance and changed its distribution model from a retail-oriented model to a third-party approach, but analysts said it must short up its balance sheet and perhaps consider more drastic changes if it wants to regain assets.

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