The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:American Funds Speaks to the Press Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 18, 2010

American Funds Speaks to the Press

News summary by MFWire's editors

Capital Group, the power behind the popular advisor-sold American Funds, is notoriously media shy, but as Abby Johnson proved earlier this week in her speech at the NICSA conference, even titans speak out once in a while. Fundsters intrigued by American Funds and its recent woes may want to take a look at a Thursday Bloomberg article by Christopher Condon; Capital Research and Management Co. chairman James Rothenberg granted Condon a rare interview.

Overstating the significance of Rothenberg's move may be difficult. American Funds normally never issues press releases or grants interviews, though its spokespeople do respond to specific press inquiries. The Rothenberg interview comes after the Los Angeles-based fund giant suffered $33 billion in total outflows (retail and institutional combined) in 2009, and according to Bloomberg, it's the first interview he's given in five years.

The long article offers a look at Capital Group's investing strategies, at the reactions of some advisors and on where the firm is going. Rothenberg and his team reiterated that the fund firm's dedication to its existing distribution and investing strategies.

"There are a lot of things we could do to grow sales," Rothenberg said. "But we won't do them."

"Market share is not our objective," Martin Romo, Capital Group's head of research, told Bloomberg. "The great majority of our history, we've been selling something that people don't want to buy: advice. And it's not our obligation to change the advice to make you feel better." 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use