After the death of Jim Rothenberg, there was a vacuum in the leadership of the group. However, that did not last for long as the company elected a new chairman; Timothy Armour. Jim was the chairman of the group and Timothy was his deputy. He was the best candidate for the job considering that he worked with Jim and was aware of the operations.
There has been a shift in the management of the company too. Timothy will be working together with Rob Lovelace and Phil De Toledo. The team will oversee the operations of the company and the implementation of the growth strategy. The change in leadership was in motion for the last seven years. In addition to him being the chairman of the group, he is also the equity portfolio manager.
Timothy has 33 years investing experience, and it all began in 1983. Even though he was not involved with investing until later in his career, the experience he gained has helped him succeed. When he joined the Capital Group in 1983, he was an associate. He quickly advanced in ranks and was promoted. At the time he was elected as the chairman of the Capital Group, he was the chairman of the Capital management committee.
In this position, he managed to make different changes that impacted the success of the company. He supported the in-house research on the long-term benefits of the active fund management. He also influenced the decision to lift the secrecy of the company’s operations and to engage the media.
Tim Armour has served as investment analyst where he was in charge of global communications in the company.
Timothy holds a bachelor’s degree in Economics.
In 2015, the company formed a strategic partnership with the Samsung Asset Management to help develop asset management products for the Korean market.
The two firms will develop retirement solutions and also asset allocation products. The Capital Group has experience in designing the retirement solutions, and they are expected to offer guidance.
Perspective on the market selloff
The global stocks are facing recession which has affected the economic growth in China. China accounts for 15% of the world’s gross domestic product. Due to the crisis in its economy, China lowered the rates and also the reserve requirements on banks. According to Timothy, this is what triggered the market selloff. He said that if China were to experience a real recession, the global economy would suffer.