Word: batterymarch
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...even longer before the billions of dollars in U.S. pension and mutual funds start to move. Jarrod Wilcox, an executive at Boston-based Batterymarch, a money-management firm with $5 billion in assets, says his company will wait a year or so before making substantial investments in the country. "Even though South Africa's long-term future could be bright," Wilcox says, "there might be three or four years of turbulence before a new ; order takes hold...
...most eerily advanced computerized operation of all may be nestled away on the twelfth floor of Boston's modernistic concrete-and-glass Federal Reserve Building, headquarters of the Batterymarch Financial Management investment firm. Owner Dean LeBaron has designed his own programs for a brace of Prime mainframe computers that daily spit out a list of several hundred sale or purchase contracts, usually for stocks in batches of 5,000 or 10,000 shares. The list is composed by the computers themselves, based on their general instructions of what and when to buy and sell. Up to 23 specially authorized brokers...
...business, which includes pension and profit-sharing plans, has ballooned since 1975 from 20% to 37%, ahead of the banks' 35% and the insurance companies' 28%. Upstart independent firms Like Alliance Capital Management in New York City, Capital Guardian Trust in Los Angeles and LeBaron's Batterymarch Financial Management in Boston have become serious challengers to such pension-fund giants as Prudential Insurance, Equitable Life Assurance Society and Citibank. One example of the trend: General Motors plans to reduce the portion of its $17 billion of pension funds handled by banks. The company says it will hire...
Dean LeBaron, 49. President and sole owner of Batterymarch, LeBaron is a notorious contrarian, who loves unloved stocks. He buys securities when they are cheap, hoping that they will stage big comebacks. In early 1982 his firm invested $500 million in 250 companies threatened by bankruptcy because, he said, "those that did not go broke would more than make up for those that did." He was right: during the economic recovery and bull market, the $500 million has grown by 93% to almost $1 billion...
...computers as adjuncts to people. We've turned that concept around and put the computer in charge." The computer has done well, beating the Standard & Poor's 500 index by an annual average of 6% over the past ten years. As new clients have flocked to Batterymarch, the pool of assets it man ages has grown from $42 million in 1973 to more than $10 billion. LeBaron's personal income is at least $8 million a year...