British American asset manager Janus Henderson Investors has appointed a new head of North America Institutional. Sitting within the North America Client Group, Kelly Cavagnaro is part of an effort to improve its global distribution platforms amid the changing economic environment.
The firm is looking to grow the business significantly over the next three-to-five years in terms of overall gross sales and assets under management. Janus offers a broad range of investments, including stocks, fixed income, and alternatives such as biotech and life sciences where it has maintained a strong competitive edge.
Cavagnaro, who is based in Boston, reports to Michael Schweitzer, head of the North America Client Group. Schweitzer told II that it’s a good time to put resources into distribution as investors want strategies that fit the overall economic climate and current markets. The firm's focus is on the bottom-up analysis of companies and really getting to know a company before making a decision. “Our view is if we wouldn't buy all of it, then why would we buy some of it,” he said.
“Our portfolios tend to be a bit more concentrated... and fewer positions,” he added. “In a world where seven stocks have really delivered much of the returns over the past several years, we believe there'll be a widening of the market, and that there are a lot more companies out there that represent great investment opportunities. Returns can’t be fueled by just seven companies for the long term, you've got to look at other companies out there.”
On the back of that strategy, Schweitzer was full of praise for Cavagnaro and the offering she brings the team.
“She has great experience, not only did she lead institutional sales in North America for her former firm, and State Street prior to that, she also ran global consultant relations,” he said, which is the group that covers firms like Mercer, WTW, Callan, Russell, shops that are intermediaries to end clients, essentially fiduciaries that help then direct where those end clients would direct assets in the classic RFP process while competing for a mandate.
“She has deep experience in building and leading those teams as well, so it is the perfect combination of both technical skills, selling capabilities and relationships that make her a wonderful addition to the team.”
