Gary Black’s decision to step down as chief executive of Janus Capital after four years at its helm follows news that the US asset manager beat analyst forecasts with its second quarter results. Financial News takes a look at how Black helped to rebuild the company after poor performance and a market scandal had left it on the ropes.

Analysts at investment banking boutique Keefe, Bruyette & Woods said in a note today that Black's departure was a "surprise" and added that Janus' latest quarterly results were better than expected.