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.[1]

Logo of the General American Investors Company

History

The General American Investors investment trust was launched in 1927 under the sponsorship of Lazard Frères and Lehman Brothers.[2] In its first year of operation, it earned $1.1 million.[2] In September 1928, Lazard Frères and Lehman Brothers launched a second fund, named the Second General American Investors Company.[2] 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.[2]

The early years of the Great Depression were difficult for the fund, but the fund recovered as the 1930s progressed.[2] The fund had assets valued at $15 million in 1932; at $23.1 million in 1933; and $30.1 million in 1935.[2] 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.[2]

Leadership

Chairmen of the General American Investors Company

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
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References
  1. "About Us" from General American Investors website
  2. Harvard Business School Profile of the General American Investors Company
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