Janus Capital Group Inc. announced Thursday that it has hired Richard M. Weil, the chief operating officer of Pacific Investment Management Co. LLC, to be its chief executive officer.

Weil is to join Janus Feb. 1. He will replace Gary Black, who resigned suddenly in July amid heavy outflows at the Denver investment manager.

Weil, 46, has worked for PIMCO for 13 years.

In the first nine months of 2009 Janus' assets under management rose 22.9%, to $151.8 billion, but since the end of 2007 its assets have declined 26.6%. More than 90% of its assets are invested in equities.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.