Mark Whiston, chief executive officer of Janus Capital Group, is to step down from his role at the embattled firm, receiving a severance package which will cost the Denver-based firm around $17m (€14.3m).

Under the terms of the agreement, Whiston will receive a cash payment of around $5.8m, which includes a consulting services fee. The company will also establish a $7.9m deferred compensation retirement plan linked to Janus mutual fund shares.