Exclusive-Capital Group shakes up strategy to hit $4 trillion by 2031
LONDON - Capital Group aims to grow its fixed income business, accelerate overseas expansion and diversify away from its core equities franchise to stem client withdrawals and compete with faster-growing fund rivals, its CEO Mike Gitlin told Reuters.
Gitlin unveiled Capital's priorities to 9,000 staff from its new international hub in west London on Tuesday, as a boom in passive and private investing forces a change of tack. "Europe and Asia are absolutely critical to our future," said Gitlin, who has been devising the strategy since becoming CEO in October. A new office in Miami will also target offshore clients in Latin America, which he said has"really taken off".Capital has a multi-portfolio manager approach known as 'The Capital System', where management of funds is split between people, who can each take differing positions.
"This is an old school firm that does things very thoughtfully, which takes a lot of time," said Stephen Welch, senior analyst at Morningstar. Capital's current 80:20 split between equity and bond assets is likely to shift as far as 70:30 by 2031, he added.
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