March 14, 2004 |
Capital Group Cos. is the holding company for $840 billion of assets. Yet it has no chief executive -- and never has. That unusual management structure, or lack of structure, is typical of the firm, launched in Los Angeles in 1929. The company prides itself on being extraordinarily egalitarian. The management concept was set by the company's late founder, Jonathan Bell Lovelace, and nurtured by his son Jon, now 77.
September 19, 2004 |
Capital Group Cos. did a better job picking foreign stocks for its retail mutual fund investors than for its institutional clients in the last decade. Through June 30, the company's EuroPacific Growth fund, which is offered through the American Funds family, had outperformed the core foreign stock portfolio used by the company's U.S. institutional investors over the previous year -- and the last three, five and 10 years, for that matter.
October 18, 2005 |
The divorce trial of an executive with Los Angeles-based investment giant Capital Group Cos. will be partly closed to the public to prevent disclosures about the firm's inner workings, a Superior Court judge decided Monday. The ruling was a victory for the privately held company, which manages more than $1 trillion for clients worldwide. The firm has long closely guarded details of its own finances, including its revenue and profit.
July 15, 1989 |
Paramount Communications' battle to take over Time Inc. suffered a devastating setback Friday as a Delaware judge refused to block Time's acquisition of Warner Communications Inc. Ruling on a case that has riveted Hollywood and Wall Street, Delaware Chancellor William T. Allen rejected Paramount's arguments that Time directors breached their duty to shareholders by seeking a $14-billion purchase of Warner that they hoped would enable them to evade Paramount's $12.2-billion offer to buy Time.
September 19, 2004 |
When pension funds and other large investors sought a hot hand in foreign stocks in the 1990s, many of them put their money with Los Angeles-based Capital Group Cos. The company's stock-picking prowess in the U.S. market already was well known. And by the start of the last decade, Capital had become the world's biggest investor in emerging-market countries, as its far-flung managers scooped up shares in banks in Brazil, cellular phone companies in China and detergent makers in India.
August 7, 2012 |
NEW YORK — Knight Capital Group's lifeline may have headed off the Wall Street brokerage's collapse, but it did not allay questions over the firm's future. The Jersey City, N.J., brokerage, whose business processes 10% of all U.S. stock transactions, received $400 million of new capital from a consortium of private equity funds and other major financial players. It will keep Knight in business after suffering massive losses last week when a software glitch sent out a stream of unintended trades.
July 17, 1986
The Federal Communications Commission rejected a trustee arrangement proposed by Reliance to facilitate its takeover of John Blair & Co., a New York-based broadcast company whose holdings include five television stations. Reliance already has received about 90% of Blair's common shares under a tender offer that closed July 3.
April 12, 2012 |
Wall Street investment firms have not had the most successful initial public offerings in recent years — and Oaktree Capital Group may be no exception. Despite being highly regarded, the Los Angeles distressed-debt manager raised less in its IPO on Wednesday than planned. The company announced that it raised $380 million by selling 8.8 million shares at $43 each. That's at the lower end of its proposed range of $43 to $46 a share, according to an earlier filing with the Securities and Exchange Commission.
July 28, 2010 |
A group of money managers within TCW Group Inc. said Tuesday that they reached a deal with the Los Angeles company to split off their $11.5-billion operation. The agreement, which had been expected, will reestablish Crescent Capital Group as a stand-alone investment firm that provides debt financing to public and private companies. Crescent was co-founded in 1991 by Mark Attanasio and two other former executives of junk bond giant Drexel Burnham Lambert, which filed for bankruptcy protection in 1990.
July 30, 2003 |
FrontPoint Partners, the Greenwich, Conn., investment firm founded by former executives of Tiger Management and Soros Fund Management, is acquiring money manager Ivory Capital Group of Santa Monica. Financial terms of the deal weren't disclosed, but FrontPoint plans to launch two hedge funds -- the firm's sixth and seventh funds -- that will be managed by Ivory Capital executives. Ivory Capital's existing clients are expected to move their money to the new funds.