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Lord, Abbett & Co. LLC
Company typePrivate
IndustryInvestment management
Founded1929 (1929)
FoundersAndrew J. Lord
Leon Abbett
John R. Westerfield
Julian B. Beaty
Headquarters
Jersey City, New Jersey[1]
,
United States
Key people
Douglas B. Sieg (Managing Partner)
Products
Websitewww.lordabbett.com

Lord, Abbett & Co. LLC is an independent, privately-held investment management company headquartered in Jersey City, New Jersey. The firm offers a variety of fixed−income and equity strategies to individual and institutional investors.

History

On November 18, 1929, several weeks after the stock market crash that ushered in the Great Depression, Andrew James Lord, Leon Abbett, John R. Westerfield, and Julian B. Beaty created Lord, Westerfield & Co., Inc., with headquarters at 68 William Street, a few blocks from the New York Stock Exchange.[2] In 1931, the Westerfields resigned from the company. Leon Abbett, 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. The name of the company was changed to Lord, Abbett & Co. and its headquarters were moved to 63 Wall Street.[3]

On September 19, 1932, Lord created the investment trust, American Business Shares,[4] which is now known as the Lord Abbett Income Fund. Two years later, the Lord Abbett Affiliated Fund was launched.[5] In 1937, the firm opened its first west coast branch in Los Angeles.[6] Lord Abbett, along with other investment companies, made important contributions to the drafting of the Investment Company Act of 1940, which defines the responsibilities and limitations of investment firms.[7]

In 1971, Lord Abbett launched the Lord Abbett Bond Debenture Fund, one of the first funds to invest in a combination of different types of fixed−income securities.[8][9] In 1975, Lord Abbett moved into pension fund management.[10] The firm launched its institutional business in 1976, with the introduction of a large-cap value product for an institutional client.[11] In 1978, American Utility Shares was merged into the Lord Abbett Income Fund.[12][13] The firm's assets under management increased from around $2 billion in 1975 to $4.5 billion in 1983. Ronald P. Lynch and John M. McCarthy became co-managing partners that year after Berndt's death.[10]

In 1987, Lord Abbett moved its headquarters from Wall Street to the General Motors Building on Fifth Avenue in New York City.[13][14] In the early 1990s, fund performance and asset growth slowed, prompting the company to reorganize. After Managing Partner Ronald Lynch's passing in 1996, there was speculation that the firm would be sold. Lynch's successor, Robert Dow, opted to keep the company independent.[15] Dow (who had previously managed the Lord Abbett Bond Debenture Fund) increased the number of partners and expanded the mutual fund lineup to include international stocks and large-cap growth stocks.[16] He also oversaw the firm's move to Jersey City in 2000.[17] Assets rose from $17 billion in 1996, when Dow took over, to more than $100 billion in 2007.[16][18]

Daria Foster, who had been with the firm since 1990 in various roles, succeeded Dow in 2007.[16] Foster announced that she would retire on March 31, 2018 and that Douglas Sieg would succeed her and become the firm's tenth managing partner. Sieg had worked at Lord Abbett for 24 years in various roles, including sales and product strategy, and was "partner, client services" before being named managing partner.[19] As of December 31, 2018, Lord Abbett managed around $162.4 billion in assets.[20]

Description

Lord Abbett is a privately owned, limited liability company with 809 employees and 165 investment professionals as of December 31, 2018.[21] The firm deals in 61 mutual funds that invest in global and domestic stocks along with fixed-income, tax-free income, and multi-asset securities.[22] The firm expanded into the equities market in 2019 with 3 new funds.[23] The firm focuses solely on actively managed investment portfolios. Lord Abbett’s strategies are available within separate and sub-advised accounts, commingled and mutual funds, and managed account platforms.[24]

Funds managed by the firm include the Lord Abbett Income Fund (investing in high-quality bonds), the Lord Abbett Affiliated Fund (investing in large-cap, high quality dividend-paying stocks), Lord Abbett Bond Debenture Fund (investing in below-investment-grade bonds), the Lord Abbett Developing Growth Fund (focusing on small-cap stock management), and the Lord Abbett Mid Cap Stock Fund (investing in high-growth, medium-sized companies).[25]

International products

In May 2014, Lord Abbett launched a suite of UCITS [Undertakings for Collective Investments in Transferable Securities] funds to provide non-U.S. institutions and non-U.S. resident investors with access to select Lord Abbett investment strategies. The funds are listed on the Irish Stock Exchange.[26]

References

  1. ^ "Contact Us". Lord Abbett. Retrieved 15 February 2013.
  2. ^ "New Investment House". 19 December 1929. Retrieved 17 March 2019.
  3. ^ "Company Changes Name". The Philadelphia Inquirer. 16 January 1933. Retrieved 17 March 2019.
  4. ^ "American Business Shares". Hartford Courant. 28 January 1933. Retrieved 26 March 2019.
  5. ^ "LAFFX Lord Abbett Affiliated A Fund LAFFX Quote Price News".
  6. ^ "Coast Branch of Lord, Abbett House Launched". Los Angeles Times. 17 March 1937. Retrieved 26 March 2019.
  7. ^ Jaretzki, Jr., Alfred (January 1941). "Investment Company Act of 1940". Washington University Law Review. 26 (3). Retrieved 26 March 2019.
  8. ^ "'Don't call them junk bonds'". Arizona Republic. 14 August 1977. Retrieved 26 March 2019.
  9. ^ "Big Debt Issue Slated for Sale". The Philadelphia Inquirer. 15 March 1971. Retrieved 26 March 2019.
  10. ^ a b Cuff, Daniel F. (19 January 1983). "BUSINESS PEOPLE; New Managing Partners Chosen at Lord, Abbett". The New York Times. Retrieved 26 March 2019.
  11. ^ Willoughby, Jack. "Genteel Giants". www.wsj.com.
  12. ^ "Chicago Board Options". The Boston Globe. 14 April 1978. Retrieved 27 December 2018.
  13. ^ a b Wallace, Beatson (18 January 1987). "Scudder distribution a common policy". Poughkeepsie Journal. Retrieved 25 March 2019.
  14. ^ "Lord, Abbett chooses N.J." Asbury Park Press. 15 September 1998. Retrieved 25 March 2019.
  15. ^ Cardona, Mercedes M. (9 June 1997). "LORD ABBETT PREFERS TO STAY INDEPENDENT: FIRM REBUFFS SUITORS, EXPANDS PRODUCTS". Pensions & Investments. Retrieved 25 March 2019.
  16. ^ a b c Bruno, Mark (17 September 2007). "Lord Abbett finds its heir apparent". Pensions & Investments. Retrieved 25 March 2019.
  17. ^ Ravo, Nick (16 September 1998). "Metro Business; An Investment Firm Turns to Jersey City". The New York Times. Retrieved 25 March 2019.
  18. ^ Bruno, Mark (17 October 2005). "Lord Abbett brings institutional, retail distribution together". Pensions & Investments. Retrieved 26 March 2019.
  19. ^ Comtois, James (23 January 2018). "Lord Abbett names new managing partner to lead firm". Pensions & Investments. Retrieved 26 March 2019.
  20. ^ "3 Lord Abbett Mutual Funds to Buy Now". Yahoo! Finance. 27 March 2019.
  21. ^ Cottrell, Gemma (5 February 2019). "3 Funds to Buy From Lord Abbett Portfolio". Fairfield Current.
  22. ^ "3 Top Lord Abbett Mutual Funds to Buy". Zacks. 14 December 2018. Retrieved 27 March 2019.
  23. ^ Wenik, Ian (3 December 2018). "US asset manager's equities overhaul gathers pace". Citywire Selector. Retrieved 27 March 2019.
  24. ^ "Lord, Abbett & Co. LLC: Private Company Information - Businessweek". Businessweek. Retrieved 27 December 2018.
  25. ^ Dierking, David (22 December 2015). "5 Lord Abbett Mutual Funds with Long Track Records". Investopedia. Retrieved 27 March 2019.
  26. ^ "Lord Abbett launches fixed income UCITS Passport Portfolios for European investors". Institutional Asset Manager. 19 May 2014.
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