New Janus CEO to focus on mutual fund inflows, says firm’s chairman
Mutual fund company tabs former COO at Pimco as its next chief executive.
Expect Pimco veteran Richard M. Weil, who today was announced as the next chief executive of Janus Capital Inc., to focus first on improving cash flows into the company’s mutual funds, Janus chairman Steve Scheid told InvestmentNews.
“We believe we’re at the top of the industry, and our flows are not at the top of the industry,” Mr. Scheid said.
Mr. Weil takes over the chief executive post from Tim Armour, a director at Janus who has served as interim CEO since July when former CEO Gary Black departed the company.
Year-to-date net inflows into long-term mutual funds of $3.88 billion placed Janus 21st among competing firms, despite having relatively good fund performance, according to Morningstar Inc.
How might Mr. Weil — who spent 13 years with Pacific Investment Management Co. LLC, most recently serving as global head of its advisory unit — improve sales?
He might expand Janus’ sales force, Mr. Scheid said.
“Right now, our sales force is made up of about 50 to 60 people,” he said. “Many of our competitors are bigger.”
One thing Mr. Weil is unlikely to do is clean house, Mr. Scheid said.
“One of the unique things we did with this [executive search] process was the executive team members at Janus all spent time with Dick,” Mr. Scheid said. “He spent time with the key leaders at Janus and at our subsidiaries. The benefit of that is both sides know each other.”
Mr. Scheid added that Mr. Weil’s roll is to “pull everything together, to optimize the ingredients we have in pace.”
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