Janus Capital Group Inc., best known as a research-heavy money manager, found exactly who it was looking for in a CEO — someone who's not a money manager.
Richard M. Weil, named as the new chief executive of the Denver-based company on Jan. 7, made his mark building businesses and overseeing operations at megamanager Pacific Investment Management Co.
Mr. Weil takes over the top post at Janus Feb. 1. He replaces Gary Black, who resigned from Janus in July. Janus board member Timothy K. Armour served as interim CEO, said Rona Gilbert, a Janus spokeswoman.
Mr. Weil will be based in Janus' Denver headquarters.
At PIMCO, Mr. Weil was a managing director who most recently served as global head of PIMCO Advisory, the internal consulting arm that advises clients on investment of a total of $1 trillion of assets. In his 13-year tenure at PIMCO, Mr. Weil was chief operating officer from 2000 to 2009 and before that, was general counsel of PIMCO Advisors Holding LP, PIMCO's parent company prior to its 2000 acquisition by Allianz AG.
In an interview, Steve Scheid, Janus Capital Group chairman, said company executives wanted a CEO with a very strong background in the investment management industry, experience in different disciplines within the industry and a history of building international businesses, someone who enjoys working with people and building teams.
Mr. Scheid said that Mr. Weil, “whom we began talking to in August, really impressed me. He has all of these attributes, and while everyone at this level in the industry is smart, Dick borders on brilliant. He has a very facile mind and very thoughtful perspectives.”
“Dick is a natural fit and his personal style will work very well in Janus' culture,” said Marylin Prince, an executive recruiter specializing in financial services who conducted the CEO search for Janus. “He has very broad experience in building businesses and running investment teams,” she added. Ms. Prince is a partner of The Prince Houston Group LLC, New York.
Mr. Scheid said he doesn't expect any changes in Janus' investment teams or senior executive ranks after Mr. Weil's arrival.
Mr. Weil will lead the company's efforts to build an international business over the next five years and substantially increase its institutional separate account assets above the current one-third of assets, which totaled $152 billion as of Sept. 30.
The new CEO also will focus on “raising the stature of our fixed-income strategies,” Mr. Scheid said. “We have great performance and a solid team in fixed income. They managed between $5 billion and $6 billion as of the end of the third quarter and I want that to be 10 times that amount, between $50 billion and $60 billion.”