PIMCO Executive Takes the Helm at Janus

 Janus Capital Group  announced Thursday that Richard Weil will assume the title of chief executive officer effective Feb. 1, replacing interim CEO Tim Armour. Armour, a member of the firm's board, had been serving as interim chief since the removal of former CEO Gary Black in July 2009 and has headed the replacement search along with Steve Scheid, the board's chairman. Armour was managing director of Morningstar from 2000 until his retirement in March 2008, upon which he joined the Janus board.

Weil, a Denver native, has been the global head of PIMCO Advisory since May 2009. Prior to that, he had been the firm's chief operating officer since 2000. He is the most-recent change at the top of Janus, which has seen notable turnover in recent years. The firm's CFO, general counsel, and head of institutional sales are all new to their jobs within the past couple of years. In addition to melding with top executives, Weil will also need to continue guiding the firm through its transition from a direct-sold fund shop to one that sells primarily through advisors, which represents a significant cultural shift at the firm. Janus streamlined its fund offerings in the summer of 2009, collapsing its advisor-sold and direct-sold strategies into single funds with multiple share classes.

We don't expect Weil's appointment to immediately impact Janus' mutual funds. We'll be watching, though, to see how the firm manages through the transition.