 | |
| Company type | Closed-end fund |
|---|---|
| NYSE: GAM | |
| Industry | Investment |
| Founded | 1927 |
| Founders | Lazard Frères and Lehman Brothers |
| Headquarters | , |
Key people | Spencer Davidson (President) |
| Products | Investment fund |
| Website | generalamericaninvestors |
The General American Investors Company, Inc. 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]
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]
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