In 2015, Capital Group, one of the nation’s largest wealth management and private equity firms, appointed Tim Armour chairman of the group’s executive committee. Armour, who had been an analyst at the prestigious fund for 32 years, succeeded Jim Rothenberg, who passed away last year, as part of the company’s established succession plan. Before becoming chairman, Tim Armour had been an equity portfolio manager specializing in global telecom and the service sector. Tim joined Capital Group after earning a bachelor’s degree in economics from Middlebury College in Vermont.

In September 2015, Armour shared his thoughts on the US stock selloff. The shock started as a major plunge in Chinese markets. Armour views the dip as a natural and expected correction process after six years of steady growth, especially since stocks were overvalued in some sectors. He thinks Fed interest rate hikes will be beneficial, especially in the long run, since they will direct capital flow to investments with good returns and strengthen financial institutions. Armour views the selloff as part of China’s growing pains in their transition from a command economy to a more open, Western-style free-market system.

Capital Group is the home of American Funds, one of the world’s largest families of mutual funds. In addition, in the 1950’s it became one of the first companies to adopt the multi-manager system of managing funds. One of the US’s strongest equity firms, Capital Group has more than 1.4 trillion dollars under management. Its American Funds family is rated A by Morningstar. CFA Janet Yang sees Capital Group and American Funds’ success as a reflection of their innovation in embracing the multi-manager model. She also believes that the company’s culture of hard work has been key to its success. Moreover, Yang thinks Timothy Armour’s extensive experience makes him the perfect candidate to lead Capital Group.

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