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Today, Ariel manages billion for institutional clients, such as endowments and foundations, as well as retail clients through its mutual fund family.
In the letter, Rogers praised Hobson’s “fortitude,” “resolve” and “loyalty” and said she had been a “devoted friend” as well as a colleague.
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Ariel Investments promoted longtime President Mellody Hobson to co-CEO alongside founder John Rogers as he announced selling shares to her that will make her the firm’s largest shareholder. The firm called the elevation of Hobson, 50, and the ownership shift part of a “generational transition” at the firm, where Rogers, 61, will remain chairman and plans to keep up his role overseeing research, U. stock investments and staff oversight for at least another decade.
Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information.
Past performance is not indicative of future results.
In addition to increasing the firm’s assets under management, Hobson helped develop the firm’s strategy and establish its investment style with the “patient tortoise” brand. Following the financial crisis of 2008, Ariel’s assets plunged to billion in 2009, after peaking at billion in 2004 and before recovering significantly in 2010.
It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.
All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund.
He is chairman of the firm’s board and Ariel portfolio manager Charles Bobrinskoy is vice chairman of that board, while Hobson is chair of the company’s separate Ariel mutual fund board.
“She’s been co-leading the firm for quite a while,” Rogers said.