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Capital Group’s Hamish Forsyth and Mike Gitlin are seen during a press conference marking the investment manager’s 50th anniversary in Europe, 12 February 2019
Photo: Capital Group
Capital Group, the world’s sixth largest investment manager, has marked its 50th anniversary in Luxembourg and in Europe, saying it plans to double its workforce in the grand duchy.
Mike Gitlin, a member of Capital Group’s management committee, stated in a 13 February press release: “We are proud that we were one of the first US asset managers to launch a Luxembourg-domiciled fund”.
According to the press announcement, that fund was the Capital Group Global Equity Fund (LUX), which got started in 1969 and “which continues to be available to investors in Europe. Today, the firm has 23 Luxembourg-domiciled Ucits funds available for European investors.”
Hamish Forsyth, the firm’s president of Europe and Asia, stated: “In the past five years, we’ve launched 10 Luxembourg funds”. The latest being the Capital Group New Perspective Fund (LUX), which the money manager said had $4bn in assets under management at the beginning of the year.
“Capital Group plans to continue to build its Luxembourg fund range with one to two new fund launches per year over the next three years,” the company stated.
The firm was founded in 1931 and has more than $1.6trn in assets under management worldwide, it said in the press release. A representative told Delano on 20 February that Capital Group’s 23 Luxembourg-based Ucits funds have “$13 billion in client assets.”
It employs 520 staff at its eight European offices and around 7,500 worldwide. The Capital Group representative stated: “We currently have 15 employees in the Luxemburg office, with the ambition to grow to 30 at the end of 2019”.
Updated with Luxembourg figures, 20 February at 3pm