General American Investors Company

The General American Investors Company, Inc. (NYSE: GAM) is a closed-end fund that manages a global portfolio of investments, consisting mainly of United States securities, and also some international and private securities.

History

The General American Investors investment trust was launched in 1927 under the sponsorship of Lazard Frères and Lehman Brothers. In its first year of operation, it earned $1.1 million. In September 1928, Lazard Frères and Lehman Brothers launched a second fund, named the Second General American Investors Company. In August 1928, the two funds merged, to form the current General American Investors Company, with Lazard Frères and Lehman Brothers underwriting the $40 million deal.

The early years of the Great Depression were difficult for the fund, but the fund recovered as the 1930s progressed. The fund had assets valued at $15 million in 1932; at $23.1 million in 1933; and $30.1 million in 1935. Assets dropped to $24.7 million in 1937; $30 million in 1939; then dropped to $25.5 million in 1943; dropping slightly to $25.3 million in 1945.

Leadership

Chairmen of the General American Investors Company

• Frank Altschul, 1948-1961
• Arthur G. Altschul, 1961-1995
• Lawrence B. Buttenwieser, 1995-2007
• Spencer Davidson, 2007–Present

Presidents / Portfolio Managers of the Fund

• Frank Altschul, 1927-1948
• Harold F. Linder, 1948-1955
• Harry G. Friedman, 1955-1961
• Malcolm B. Smith, 1961-1989
• William J. Gedale, 1989-1995
• Spencer Davidson, 1995–Present

References

1. Frank Altschul
2. General American (disambiguation)
3. Gemini (company)
4. List of asset management firms
5. Capital Group Companies
6. MetLife
7. Closed-end fund
8. Investment company
9. Arthur Altschul
10. General Motors
11. BlackRock
12. Investor
13. Aviva Investors
14. First Sentier Investors
15. Gam
16. Thomson-Houston Electric Company
17. Lazard
18. General Electric
19. IFM Investors
20. American Broadcasting Company