Capital Group and Samsung Asset Management based in Seoul have made an announcement regarding their strategic partnership. The partnership is aimed at expanding dynamic investment strategies for both retail and institutional investors based in Korea. According to the news release, Capital Group ($1.4 trillion assets under management) and Samsung Asset Management ($166 billion in AUM making it the top manager in Korea) will be working together. The two managers will work on co-developing asset allocation and retirement solutions products to enhance the active investment capability of SAM.
Details of the Agreement
Under this agreement, Capital Group will assist its Korea-based partner to familiarizing itself with the “Capital-style active management”. It will also work to offer the management know-how in areas such as client management and business management. A spokesman from Samsung Asset management stated that the partnership will prove to be a cornerstone of the goals the firm holds among them being ranked among the top three asset management companies in Asia that are home-grown. Sung-hoon Koo, the CEO of SAM stated that the partnership would pave the way for the firm to upgrade its capability in dynamic equity investment. Tim Armour, the Capital Group chair, was quoted by the release stating that the bigger plan was co-designing investment solutions in order to fulfill the retirement, insurance and savings-linked needs of the Korean investors.
Timothy Armour Elected as Capital Group’s Chairman
Timothy Armour appeared to be the leading candidate to get elected to the position of Capital Group’s Chairman. This follows the death of Jim Rothenberg, the immediate chairman, who died after suffering a heart attack while on vacation at the age of 69. Mr. Armour has been the chair of Capital Group’s management committee and a key deputy to the deceased chairman. Mr. Armour has been instrumental in championing for research to be conducted in-house to bring out the benefits of active fund management. He also played a prominent role in the recent decision of the group to lift the secrecy that surrounded its operations by engaging the media more.
Timothy Armour has spent 32 years at Capital Group, which is basically his whole investment career. He also forms part of the eight-person Capital Group’s management committee that ensures a better leadership structure than the traditional firms led by a single chief executive. Mr. Armour holds a bachelor’s degree in Economics (Middlebury College) and is based in Los Angeles. He started his career at Capital Group participating as part of The Associates Program.
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