Los Angeles-based Capital Group, a major global investment manager also present in Luxembourg, on Thursday said that Mike Gitlin from October will assume the management responsibilities of Tim Armour, chairman and chief executive officer. Armour and vice chairman president Rob Lovelace Armour and Lovelace will both step down from Capital Group’s management committee in October of this year.
The firm announced a range of senior appointments by its board of directors. Gitlin, who currently serves as head of fixed income at Capital Group, will become president and CEO of Capital Group and chair of Capital Group’s management committee. “Drawing on his strong experience in the investment, operating, and client-facing groups, he will work with other leaders to execute on Capital’s strategy and growth plans,” the firm said.
Romo becomes chairman
Martin Romo will become chairman of Capital Group and chief investment officer. As CIO, Romo will focus on ensuring that “The Capital System”, Capital’s investment process, continues to operate at the highest level. As chair of Capital Group, he will partner with the other leaders in all aspects of Capital’s strategic goals, culture, and people.
Jody Jonsson will become vice chair of Capital Group and will continue as president of Capital Research Management Company (CRMC) and Chair of the CRMC executive committee. As with Romo and Gitlin, Jonsson’s experience spans the breadth of Capital, and she will help develop and drive strategic vision and execution.
“Throughout our over 90-year history, continuity and consistency have been a hallmark of how we manage assets for clients, and formal succession planning is critical to delivering superior, long-term investment results for them,” said Armour in a statement.
“I started at Capital right out of college, as many here do,” added Armour. “It has been a privilege to be part of building and passing along a strong and unique culture. I am proud to see how well-positioned Capital is and am confident the next leadership group will continue to deliver on our mission, helping people achieve their long-term financial goals.”
Armour will retire at the end of 2023 after a 40-year career with Capital.
All transitions will be effective as of October 24, 2023.
Growth in Europe
Capital Group has a long history of being a low-cost active manager pursuing superior returns for investors over the long term. In recent years, Capital has significantly grown its presence in Europe, Asia, and Canada, while doubling its fixed income business, and in 2022 introduced a suite of ETFs that surpassed 6.5 billion in assets under management in just under 11 months.
“Over the decades, Capital Group has thoughtfully grown to ensure the business is healthy and built for the long term,” said Rob Lovelace, who will continue with Capital Group as a portfolio manager. “It is with that same consideration and care that Capital has selected our next leaders. Mike, Martin and Jody are people I have worked with for years and greatly admire.”
As of the end of last year, Capital Group managed approximately 2.2 trillion dollars in equity and fixed-income assets for millions of individuals and institutional investors around the world.
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