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Wednesday, July 29, 2015

Meet CapGroup's Triumvirate

News summary by MFWire's editors

When it comes to post-Rothenberg Capital Group [profile], there are three people you want to know: Tim Armour, Rob Lovelace, and Phil de Toledo.

69-year-old CapGroup chairman Jim Rothenberg died of a heart attack last week, and yesterday the Los Angeles-based mutual fund giant's board of directors anointed Armour as Rothenberg's successor. The board also highlighted an inner circle of three "senior members of the firm's management committee": 52-year-old Rob Lovelace, president of Capital Research and Management Company and grandson of CapGroup's founder; Phil de Toledo, president of CapGroup; and Armour himself. The rest of the management committee includes Kevin Clifford, Darcy Kopcho, Martin Romo, and Brad Vogt.

The Financial Times calls Armour, de Toledo and Lovelace the "triumvirate" running CapGroup.

CapGroup's board says the changes reflect "a leadership succession plan that has been in motion for several years, and was formalized after the passing of former chairman, Jim Rothenberg." Indeed, so far Armour's ascension is much more under-the-radar than Rothenberg's death last week. CapGroup's board put out a statement on Armour's promotion, which the FT and Bloomberg both picked up on. 

Edited by: Neil Anderson, Managing Editor

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