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Revision as of 00:41, 18 April 2010

Lord, Abbett & Co. LLC
250px
IndustryInvestment Management
FoundedNovember 1929
HeadquartersJersey City, New Jersey, USA
Company typeIndependent, privately held
Key managementSenior Partner: Robert S. Dow,
Managing Partner: Daria L. Foster,
Chief Investment Officer: Robert I. Gerber, Ph.D.
Number of Partners55*
Number of investment professionalsMore than 110*
Total employeesApproximately 800*
Primary activityMutual Funds, institutional portfolio management, and separately managed accounts (SMA)
  • As of 1/1/2010


Lord, Abbett & Co. LLC is an independent, privately held U.S. investment management firm that offers a broad range of investment products to individual investors, financial advisors, and institutional investors. Lord Abbett’s products are available via institutionally managed accounts, managed portfolios, separately managed accounts, subadvised accounts, commingled accounts, and mutual fund vehicles.

Firm Ownership

The firm is a privately owned limited liability company. Lord Abbett operates strictly on the buy-side and does not market its proprietary research. Currently, Lord Abbett has 55 active partners (as of 1/1/10). [1][2]

Recent Developments

During the financial crisis of 2007–2010, Lord Abbett, like many other asset management firms, sustained significant losses due to unfavorable market action and saw assets under management (AUM) drop from a high of approximately $116 billion in October 2007 to approximately $73 billion in June 2009.

Through prudent management and the freedom of independent ownership, Lord Abbett was able to successfully navigate this crisis. As of January 2010, the firm had approximately $88 billion in AUM, and remains one of the world’s largest money managers, ranked 139th at the end of 2008 by Watson Wyatt World 500. [3]

In October 2009, Lord Abbett exited the bundled small-plan 401(k) business and directed its resources to the defined contribution investment-only marketplace. Remaining small plan assets were transitioned to The Hartford through a strategic alliance, and to Prime Plan Solutions. [4]. Lord Abbett is one of the top 50 managers of defined contribution assets, ranked 46th at the end of 2009. [5]

Municipal assets under management also grew approximately 51% in 2009, from $8.4 billion to $12.7 billion. The firm started a short-duration tax-free fund on December 31, 2008, which now has more than $1.3 billion in assets (as of 12/31/2009). [6]

The firm expanded its international fund capabilities in 2008 with the addition of the Lord Abbett International Dividend Income Fund. On December 31, 2009, it lowered the net expense ratios on that fund and its International Core Equity Fund. [7]

The firm added one new fund to its taxable fixed-income lineup on 12/31/2007, the Lord Abbett Floating Rate Fund, and on 12/14/2007 changed the investment strategies of both the Lord Abbett Income Fund and Lord Abbett Short Duration Income Fund. Taxable fixed-income assets under management grew grew 65% in 2009, from $17.7 billion to $29.2 billion. The Lord Abbett Short Duration Income Fund now has more than $4.4 billion in assets (as of 12/31/09). [8]


History

The Founding Years: 1929–1945

On November 18, 1929, several weeks after the stock market crash that ushered in the Great Depression, Andrew James Lord and his associates incorporated as Lord, Westerfield & Co., Inc., with headquarters at 68 William Street in lower Manhattan, a few blocks from the New York Stock Exchange. Mr. Lord believed that mutual funds, managed and sold by professionals, were better investments for most people than individual securities.

When the Westerfields resigned from the company in 1931, Leon Abbett[9], a member of the founding group and the son of a former two-time New Jersey governor and state supreme court justice, provided the capital contribution that enabled the firm to continue. Two years later, the name of the company was changed to Lord, Abbett & Co.

In 1932, Mr. Lord organized his own investment trust—American Business Shares. Today, this trust is known as the Lord Abbett Income Fund. Two years later, the firm’s second longest-running fund—the Lord Abbett Affiliated Fund — was launched with a focus on the stocks of large cap companies. [10]

Building the Business: 1946–1986

In 1946, Leon Abbett assumed leadership of the firm from Mr. Lord. In 1949, Mr. Abbett was succeeded by Harry I. Prankard II, an accountant whose firm had worked with Lord Abbett since its founding. During his 15 years at the helm, Mr. Prankard led the firm through a period of expansion for both the investment industry and for Lord Abbett.

In 1964, Mr. Prankard was (briefly) succeeded by Lord Abbett’s National Sales Manager, Albert R. Hughes, who died of a sudden illness three months after his appointment. Consequently, Robert S. Driscoll was chosen as Managing Partner.

During the 1970s, Lord Abbett expanded its mutual fund offerings, becoming one of the first firms to offer a high-yield bond fund [11]. The firm also launched its institutional business in 1976, with the introduction of a large cap value product for institutional client, Allegheny Ludlum, which remains a client of Lord Abbett today.

In 1980, Alvin H. Berndt succeeded Mr. Driscoll as Managing Partner. Mr. Berndt joined Lord Abbett in 1949 as a Regional Manager on the West Coast. In the mid-1970s, he and Jack McCarthy, one of the firm’s senior investment professionals, began calling on major corporations with the objective of offering separately managed accounts (SMAs) for their pension assets. Mr. Berndt was succeeded as Managing Partner three years later by Ronald P. Lynch, also a former Regional Manager. Mr. Lynch selected Jack McCarthy as the firm’s Chief Investment Officer and Co-Managing Partner.

Growth and International Expansion: 1987–2007

In 1987, Lord Abbett moved its headquarters from Wall Street to the General Motors Building on Fifth Avenue in New York, a location the firm would occupy for the next decade. Under Mr. Lynch’s leadership, the firm expanded its equity and fixed-income mutual fund products, developed its SMA business, and grew its presence as an institutional investment manager.

In 1996, the year the Dow Jones Industrial Average closed above 6,000 for the first time, Robert S. Dow succeeded Mr. Lynch as Managing Partner. Mr. Dow joined Lord Abbett in 1972 as a Research Analyst for Lord Abbett Bond Debenture Fund, and was named manager of the fixed-income area in 1982.

To accommodate the firm’s expansion Mr. Dow oversaw the relocation of Lord Abbett’s headquarters from Manhattan to Jersey City, New Jersey in 2000. In 2002, Mr. Dow expanded the partnership by naming 26 new partners, bringing the net total to 47.

In 2007, Mr. Dow assumed the newly created role of Senior Partner, and was succeeded by Daria L. Foster as the firm’s ninth Managing Partner. [12]

Ms. Foster joined Lord Abbett in 1990, and led the expansion of the firm’s institutional business. She became a partner in 1996 and, in 2005, was named Director of Global Client Services responsible for integrating the firm’s retail and institutional sales and marketing efforts. Mr. Dow retained his title as Chairman of the Board of the Lord Abbett Mutual Funds, and Ms. Foster will continue to serve as President and Director of the Lord Abbett Mutual Funds. [13]

Ms. Foster’s first act as Managing Partner was to name Robert I. Gerber as Chief Investment Officer. Mr. Gerber joined Lord Abbett in 1997, and was leading the investment-grade taxable fixed-income area at the time of his appointment to CIO. [14]

In 2007, Lord Abbett launched three new share classes for several of its mutual funds to broaden the firm’s reach to an increasing variety of investment platforms. In addition to introducing the F, R2, and R3 share classes, the firm reclassified Class Y shares to Class I shares.[15]

Recent History: 2007–Present

Under Ms. Foster, Lord Abbett has launched several new offerings for U.S. investors. In 2008, Lord Abbett restructured its separate large and mid cap investment research resources into one team led by Rick Ruvkun, Director of Large and Mid Cap Research. On 12/31/2007, the firm expanded its taxable fixed-income lineup by adding one new fund, the Lord Abbett Floating Rate Fund. On 12/14/2007 Lord Abbett changed the investment strategies of both the Lord Abbett Income Fund and Lord Abbett Short Duration Income Fund. [16] [17].

In July 2009, the firm repositioned and renamed its selection of domestic large cap equity funds. [18]

In 2009, the firm closed its London office as a result of a strategic reassessment of its retirement business, but continues to maintain an office in Tokyo and a presence in China through a joint venture. During this period, Lord Abbett also announced in September 2009 that it was exiting the small-plan bundled 401(k) business and directing its resources toward the defined contribution investment-only (DCIO) marketplace. The firm stopped offering 401(k) small plans on October 1, and entered into an agreement with Hartford Retirement Services LLC to manage the transition of approximately 8,000 plans, 59,000 participants, and more than $1.2 billion in assets to Hartford’s lineup of 401(k) products, which include Lord Abbett funds [19].

Seventeen new partners were named in 2008 [20] and three in 2009 [21], bringing the net total to 58 (as of September 30, 2009).

In November 2009, Lord Abbett launched a new Website[22] targeted to financial advisors. Intended to complement advisors’ interactions with the Lord Abbett brand and sales force, the site features enhancements to existing content, interactive and business-building tools, video and audio content, and the firm’s first foray into social media with a presence on Twitter[23][24].

Core Businesses

Lord Abbett’s investment teams include approximately 110 investment professionals with an average of 16 years experience, managing both equity and fixed-income investments. In the equity arena, Lord Abbett investment professionals focus on domestic and international companies, managing a selection of small, mid, and large and multi-cap portfolios. In fixed income, Lord Abbett is active in both the taxable and tax-free markets. In the taxable arena, professionals focus on the investment-grade market, including corporate bonds, Treasuries, agencies, structured securities, overseas debt; and high-yield debt, including corporate and convertible bonds and bank loans. In tax-free products, Lord Abbett focuses on both the investment-grade and high-yield sectors of the municipal bond market. [25]

Clients

Since its inception in 1929, Lord Abbett has provided its investment products and services to individual investors through financial advisors at wirehouses, global and regional banks, insurance companies, registered investment advisors (RIAs), and independent advisors. At present, the institutional business includes Fortune 500 companies, as well as Taft-Hartley unions, pensions, endowments, universities, insurance companies, hospitals and healthcare organizations, religious organizations, and international organizations.

Partners and Board Members

As of January 2010, Lord Abbett has 55 partners led by Senior Partner Robert S. Dow and Managing Partner Daria L. Foster. Mr. Dow and Ms. Foster serve as Directors and Chairman and President, respectively, of the Lord Abbett Family of Funds. In addition, the Boards of Directors for the Lord Abbett Family of Funds consist of seven independent directors, including Thayer Bigelow[26], Lead Independent Director, as follow: [27]

William H.T. Bush
Robert B. Calhoun, Jr. [28]
Julie A. Hill [29]
Franklin W. Hobbs [30]
Thomas J. Neff [31] [32]
James L.L. Tullis [33][34]


References/Data

  1. ^ Lord Abbett advisor web site, Key Executives
  2. ^ Business Week Profile. Retrieved 2010-2-11.
  3. ^ "P&I/Watson Wyatt World 500: The world's largest money managers." Pensions&Investments. Retrieved 2010-2-11.
  4. ^ "Lord Abbett Taps Hartford." Life and Health. Retrieved 2010-2-11.
  5. ^ "Top managers of defined contribution assets." Pensions&Investments. Retrieved 2010-2-11.
  6. ^ "Lord Abbett Short Duration Tax Free A." Morningstar. Retrieved 2010-2-11.
  7. ^ "Lord, Abbett Trims Intl. Funds’ Expense Ratios." Plan Sponsor. Retrieved 2010-2-11.
  8. ^ "Lord Abbett Short Duration Income A." Morningstar. Retrieved 2010-2-11.
  9. ^ "LEON ABBETT IS DEAD." New York Times. Retrieved 2010-2-11.
  10. ^ "Lord Abbett Affiliated A." Morningstar. Retrieved 2010-2-11.
  11. ^ "Lord Abbett Bond-Debenture A." Morningstar. Retrieved 2010-2-11.
  12. ^ "80-year-old Jersey City firm positions itself for the future." NJ.com. Retrieved 2010-02-11.
  13. ^ "EXECUTIVE MANAGEMENT APPOINTMENTS AT LORD ABBETT." Lord Abbett Press Release. 2007-09-17. Retrieved 2010-2-11.
  14. ^ "EXECUTIVE MANAGEMENT APPOINTMENTS AT LORD ABBETT." Lord Abbett Press Release. 2007-09-17. Retrieved 2010-2-11.
  15. ^ "LORD ABBETT INTRODUCES NEW SHARE CLASSES FOR ITS MUTUAL FUNDS." Lord Abbett Press Release. 2007-10-11. Retrieved 2010-2-11.
  16. ^ "LORD ABBETT EXPANDS TAXABLE FIXED-INCOME FRANCHISE." Lord Abbett Press Release. 2008-02-13. Retrieved 2010-2-11.
  17. ^ "LORD ABBETT EXPANDS INTERNATIONAL EQUITY FRANCHISE WITH ADDITION OF LORD ABBETT INTERNATIONAL DIVIDEND INCOME FUND." Lord Abbett Press Release. 2008-06-27. Retrieved 2010-2-11.
  18. ^ "LORD ABBETT REPOSITIONS ITS SELECTION OF DOMESTIC LARGE CAP EQUITY FUNDS." Lord Abbett Press Release. 2008-07-01. Retrieved 2010-2-11.
  19. ^ "The Hartford And Lord Abbett Enter Strategic Alliance For Defined Contribution Retirement Plans." The Hartford Press Release. 2009-09-23. Retrieved 2010-2-11.
  20. ^ "LORD ABBETT NAMES SEVENTEEN NEW PARTNERS." Lord Abbett Press Release. 2008-10-01. Retrieved 2010-2-11.
  21. ^ "LORD ABBETT NAMES THREE NEW PARTNERS." Lord Abbett Press Release. 2008-10-05. Retrieved 2010-2-11.
  22. ^ http://www.lordabbett.com/advisor
  23. ^ Lord Abbett Twitter Account
  24. ^ "LORD ABBETT LAUNCHES NEW FINANCIAL ADVISOR WEBSITE." Lord Abbett Press Release. 2009-11-19. Retrieved 2010-11-19.
  25. ^ http://www.lordabbett.com
  26. ^ "E. Thayer Bigelow." Forbes.com. Retrieved 2010-02-11.
  27. ^ Lord Abbett key management. Retrieved 2010-02-11.
  28. ^ "Robert B. Calhoun." Monitor Clipper Partners. Retrieved 2010-02-11.
  29. ^ "Julie A. Hill." Forbes.com. Retrieved 2010-02-11.
  30. ^ "Franklin W. Hobbs." Forbes.com. Retrieved 2010-02-11.
  31. ^ "Thomas J. Neff." Spencer Stuart. Retrieved 2010-02-11.
  32. ^ "Thomas J. Neff." Forbes.com. Retrieved 2010-02-11.
  33. ^ "James L.L. Tullis." Forbes.com. Retrieved 2010-02-11.
  34. ^ "Jim Tullis." Tullis Health Investors. Retrieved 2010-02-11.


External Links

Mutual Fund by Family – Lord Abbett [1]

MSN.money Lord Abbett Bond Debenture A: Fund Portfolio [2]

Yahoo! Finance Lord Abbett Capital Structure R2 (LAMQX) [3]

Filife [4]

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