Last update 2024-05-09 520 Stocks (90 new)
Value $30.30 Bil Turnover 14 %
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Lord, Abbett & Co. was founded in 1929 and is headquartered in Jersey City. The company was begun just after the stock market crash of 1929 when Andrew James Lord and associates incorporated the company as Lord, Westerfield & Co., believing that mutual funds should be its company’s focus. Leon Abbet provided the capital contribution for the firm to continue when Westerfield resigned from the company, and the company would be renamed to its current Lord, Abbett & Co. in 1933. The company would launch the American Business Shares trust, now known as the Lord Abbet Income Fund, and the Lord Abbet Aflliated Fund in the 1930s, which would become its longest running funds. Lord, Abbett & Co. would grow organically with the leadership positions being passed to Harry Prankard II in 1949, who lead and expansion in the investment industry, and Robert Driscoll in 1964. During the 1970s, the company would expand its mutual fund offerings and launch its institutional business. The company would move its headquarters first in 1987 to the General Motors Building in New York, expanding further on its mutual funds and growing as an institutional investment firm, and move a second time in 2000 to keep up with further growth. In 2007, the firm’s leadership would be passed on to Daria Foster, who became the firm’s ninth Managing Partner. Lord, Abbett & Co. currently has 59 partners and a total of over 750 employees, 120 of which are investment professionals. The company has a total of $138 billion in assets under management that are split across over 100 institutional accounts. Lord, Abbett & Co. currently offers 60 mutual funds including Growth Leaders, Growth Opportunities, Calibrated Dividend Growth, International Core Equity, Multi Asset Growth, Emerging Markets Corporate Debt, and High Yield Municipal Bond funds, among others.
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