Ariel is opening its pockets for marketing and adding some staff as it rebounds from hard times earlier in this decade. The changes are highlighted in a profile of Ariel Investments
run in this week's Crain's ChicagoBusiness
Lynne Marek reports
that the Chicago-based mutual fund firm, led by CEO John Rogers
and president Mellody Hobson
, has doubled its advertising budget even while shifting its income more towards mutual funds. The Crain's report adds that Ariel previously split its income roughly 50-50 between institutional separate accounts and mutual funds, but now its three mutual funds bring in 75 percent of its AUM.
Crain's highlights the value manager's recent turnaround after a tough couple of years. After peaking at $21 billion in 2004, Ariel's assets fell to $3 billion in March 2009 (the market low) and have since risen to $5.8 billion.
Ariel adjusted staff accordingly -- the firm laid off about 20 percent of its team in 2008, and is now adding three researchers to up its staff count to 70.
Neil Anderson, Managing Editor
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