Two North LaSalle Street
Suite 500
Chicago, IL 60602
Google Maps
Contact
Main Phone: 312-621-0600
Web Site:
http://www.harrisassoc.com/
Mutual Fund Brand(s)
Oakmark Funds
Research Links
SEC Fund Filings by CIK
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Background:
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Chicago-based Harris Associates, founded in 1976, is the investment advisor to the Oakmark Funds. Harris is a privately held, indirect subsidiary of Natixis Global Asset Management.
Harris conducts its own research in-house and employs a fundamental, bottom-up stock-picking approach. On the fixed income side, Harris' offerings range from short- to intermediate-term.
As of June 30, 2017, Harris' team of 198 employees (including 39 investment professionals) managed $124 billion.
Oakmark Fee Case
In August 2004, three investors in the Oakmark funds sued Harris, alleging that the funds' fees were excessive, thus violating Section 36(b) of the Investment Company Act of 1940, and that the board of directors, who is responsible for approving the fees, was not sufficiently independent. Furthermore, the investors took issue with the fact that Harris charged separately managed accounts for pension funds as little as half what is charged retail mutual funds for comparable services.
The suit, which was originally filed in an Illinois federal district court, was dismissed before it came to trial in 2007. In August 2008, the U.S. Court of Appeals for the Seventh circuit declined to rehear the case but raised the stakes when the five judges, who included renowned jurist Richard Posner, signed a dissenting opinion stating that the case was ripe for reexamination as there was little incentive for the board of directors to police compensation.
The Supreme Court of the United States heard oral arguments for Harris v. Jones on November 2, 2009. Then on March 30, 2010, the Supreme Court
unanimously overruled the Seventh Circuit's dismissal of Jones v. Harris Associates.
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Sponsored Opportunities
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Key People:
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Bill Nygren
PM, Chief Investment Officer for U.S. Equities, Harris Associates | Kristi Rowsell
Partner and President, Harris Associates L.P. | Robert Levy
Partner, Chairman and Chief Investment Officer - U.S. Equities, Harris Associates L.P. | David Herro
Partner, PM, Chief Investment Officer - International Equity, Harris Associates | Mike Neary
Partner, Client Portfolio Manager, Harris Associates L.P. | Janet Reali
Partner and General Counsel, Harris Associates L.P. | Herman
Chief Financial Officer, Harris Associates L.P. | Jeffrey Illian
Chief Information Officer, Harris Associates | Randall Zipfel
Chief Operating Officer, Harris Associates | Mary Wickers
Senior Director of Operations & Client Service , Harris Associates L.P. | Richard Gorman
Chief Compliance Officer, Oakmark Funds | John Desmond
Chief Operating Officer, Harris Associates L.P. | Colin McFarland
Chief Compliance Officer, Harris Associates L.P. | Dermot Putnam
Chief Information Officer, Harris Associates L.P. |
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