OppenheimerFunds Hires Janus's Reid to Expand Sales to Rich

  • Kirk Reid to be based in Denver, report to Eric Meltzer
  • Massachusetts Mutual unit seeks growth among wealthy clients

OppenheimerFunds, the asset manager that oversees more than $220 billion, hired Kirk Reid from Janus Capital Group Inc. as the company seeks to expand business with wealthy individuals and institutional clients.

Reid, 42, was named to the new role of head of operations and will be based in Denver, OppenheimerFunds said Monday. Reid will report to Eric Meltzer, chief technology and operations officer, according to a statement from the company.

Massachusetts Mutual Life Insurance Co., which owns the fund company, has been expanding in asset management through acquisitions. OppenheimerFunds agreed in September to buy VTL Associates as part of a push into exchange-traded funds.

“Kirk brings robust experience in global operations that will help our firm build the future-state operating infrastructure to support significant growth,” Meltzer said in the statement. “He will help lead the transformation from a federated to a centralized business model.”

OppenheimerFunds has 14 distinct teams, focusing on assets such as stocks, bonds and alternative holdings. It managed funds for more than 13 million shareholder accounts as of Nov. 30, according to the statement. The insurer, owned by its policyholders, is based in Springfield, Massachusetts.

Reid was senior vice president of global institutional operations at Janus, leading a team that oversaw operations for five asset managers, according to the statement. Erin Passan, a spokeswoman for Denver-based Janus, had no immediate comment. Janus said last month that Gibson Smith, who worked as head of its fundamental fixed-income unit, would leave the firm at the end of March.

Before it's here, it's on the Bloomberg Terminal.