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Wednesday, May 17, 2017|
Rob Lovelace Speaks ... About the Markets
The scion of one of the mutual fund industry's most prominent but publicity shy families just granted an interview with an international paper. The resulting article gives insights into his market views, but not his personal life or the industry.
In the article, Lovelace (currently #22 on MFWire' list of the most influential people in the business) also comments on the possibility of a stock market downturn.
"It doesn't feel like we need a bear market to clean out any excesses, but we definitely need a correction," Lovelace tells the FT. "But if there is a correction, it will be bought very quickly."
Lovelace's interview with the paper is the latest example of a slow but significant shift at Capital Group. Over the last 85 years the Los Angeles-based asset manager has grown its flagship products, the American Funds, into the world's second-largest mutual fund family. That growth has been driven by Cap Group's key allies, financial advisors, and working with advisors is core to practically everything Cap Group does. Yet while the Capital Group of the past did everything in its power to avoid limelight (except for when directly trying to reach advisors), in recent years Lovelace and others at the partnership have started to make Cap Group's voice heard.
Lovelace, in addition to being a Cap Group equity PM and vice chairman of the overall group of companies, also serves as president of Capital Research and Management Company and holds a seat on Cap Group's management committee.
Printed from: MFWire.com/story.asp?s=56280
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