The General American Investors Company, Inc. () is a

closed-end fund A closed-end fund (CEF) is a fund that raises capital by issuing a fixed number of shares which are not redeemable, and then invest that capital in financial assets such as stocks and bonds. Unlike open-end funds, new shares in a closed-end fund ...

that manages a global

portfolio Portfolio may refer to: Objects * Portfolio (briefcase), a type of briefcase Collections * Portfolio (finance), a collection of assets held by an institution or a private individual * Artist's portfolio, a sample of an artist's work or a ...

of investments, consisting mainly of

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

, and also some international and private securities."About Us" from General American Investors website
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History

The General American Investors

investment trust An investment trust is a form of investment fund found mostly in the United Kingdom and Japan. Investment trusts are constituted as public limited companies and are therefore closed ended since the fund managers cannot redeem or create shares. ...

was launched in 1927 under the sponsorship of

Lazard Frères Lazard Ltd (formerly known as Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's ...

and

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

.Harvard Business School Profile of the General American Investors Company
/ref> 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 Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

, 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 The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

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 Frank Altschul (April 21, 1887 – May 29, 1981) was an American financier at General American Investors Company,Krebs, Albin (May 30, 1981)New York Times: "Frank Altschul, A Banker and Noted Philanthropist."''New York Times''. and founder of the ...

, 1948-1961 * Arthur G. Altschul, 1961-1995 * Lawrence B. Buttenwieser, 1995-2007 *

Spencer Davidson Spencer may refer to: People *Spencer (surname) **Spencer family, British aristocratic family ** List of people with surname Spencer * Spencer (given name), a given name (including a list of people with the name) Places Australia *Spencer, New ...

, 2007–Present

Presidents / Portfolio Managers of the Fund

, 1927-1948 * Harold F. Linder, 1948-1955 * Harry G. Friedman, 1955-1961 * Malcolm B. Smith, 1961-1989 * William J. Gedale, 1989-1995 *

, 1995–Present

References

{{Authority control Financial services companies established in 1927 Companies listed on the New York Stock Exchange Investment companies of the United States