Mutual fund company Janus Capital Group Inc. said Thursday it has hired Richard M. Weil, a former executive of bond fund manager Pimco, as its new CEO.
In addition to chief executive, Weil becomes a member of the Janus Capital board on Feb. 1.
He succeeds Janus Capital Group director Tim Armour who has served as interim CEO since July 2009. Armour took over the executive role after CEO Gary Black resigned in July in what the company called a "mutual decision."
Weil, 46, was at Pimco, formally known as Pacific Investment Management Co., for 13 years. He spent nine years as the company's chief operating officer. Pimco is based in Newport Beach, Calif.
Pimco, a division of German financial conglomerate Allianz, manages nearly $1 trillion in assets, mostly in bonds. Its bond funds include Pimco Total Return, the world's largest mutual fund, with about $203 billion in assets.
Before joining Pimco in 1996, Weil was with Bankers Trust Global Asset Management and Simpson Thacher & Bartlett LLP, a New York law firm.
Shares of Janus Capital fell 24 cents, or 1.7 percent, to $14.09 in morning trading.
© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.