Word: lebaron
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...exempt fund business, which includes pension and profit-sharing plans, has ballooned since 1975 from 20% to 37%, ahead of the banks' 35% and the insurance companies' 28%. Upstart independent firms Like Alliance Capital Management in New York City, Capital Guardian Trust in Los Angeles and LeBaron's Batterymarch Financial Management in Boston have become serious challengers to such pension-fund giants as Prudential Insurance, Equitable Life Assurance Society and Citibank. One example of the trend: General Motors plans to reduce the portion of its $17 billion of pension funds handled by banks. The company says...
...people have heard of Dean Le-Baron, but thousands of Americans unknowingly depend on him for a large part of their financial security. From a computer-filled command post on the twelfth floor of the Federal Reserve Bank building in Boston, LeBaron manages more than $10 billion of other people's money. Every day, LeBaron and his competitors make stock and bond transactions that can earn, or lose, millions of dollars for their clients. Their decisions can shake markets and send the prices of individual stocks into orbits or nosedives. For their skill and nerve, they receive salaries that...
...gnomes guarding caves full of gold, the bankers tended to favor bonds and the safest stocks for retirement funds. During the inflation-plagued 1970s, however, many corporations, unions and local governments became unhappy with the returns they were getting on pension money. Increasingly, they turned to mavericks like LeBaron, who promised to outperform the banks by buying and selling a broad range of securities more aggressively...
...Dean LeBaron, 49. President and sole owner of Batterymarch, LeBaron is a notorious contrarian, who loves unloved stocks. He buys securities when they are cheap, hoping that they will stage big comebacks. In early 1982 his firm invested $500 million in 250 companies threatened by bankruptcy because, he said, "those that did not go broke would more than make up for those that did." He was right: during the economic recovery and bull market, the $500 million has grown by 93% to almost $1 billion...
Iacocca intends to follow the LeBaron this year with an other convertible, a Chrysler Town and Country, nicknamed the Woody, because it is patterned after postwar station wagons that were wood-paneled on the outside. The new car's wood is plastic - some critics say cheesy - and a comedown from the snappy-looking LeBaron. For next year Iacocca is planning still for new convertible, a two-seater that will sell for $20,000 and look shamelessly like a Mercedes; he even refers to it as "the Mercedes...