Babson Capital CEO Joins in Call for Investment Managers to Eliminate Fees to Aid U.S. Bailout of Troubled Mortgage Assets
Springfield -- 09/24/2008 --
Roger W. Crandall, Chairman and CEO of Babson Capital Management LLC, one of the nation’s leading fixed income managers, today stated that the firm supports a no-management-fee arrangement to help assist the proposed $700 billion federal Troubled Asset Relief Program currently being considered by Congress.
“We support the call made today for investment managers to provide their expertise for no fee to support this most critical event for our country,” said Mr. Crandall. “The relief plan proposed by Treasury Secretary Paulson is an excellent opportunity to address the problems being created by these troubled mortgages and other assets. Babson Capital is committed to providing our expertise in these matters for no fee, provided other managers do the same, to help stabilize financial markets and prevent further economic problems.”
Mr. Crandall’s response was to comments made this afternoon on the CNBC network by Bill Gross, PIMCO’s Chief Investment Officer and founder, indicating his firm would offer its services at no charge, as long as other firms did the same.
About Babson Capital Management LLC
Babson Capital Management LLC and its subsidiaries serve institutional investors around the globe and have $128.9 billion in assets under management as of June 30, 2010. Through proprietary research and analysis and a focus on investment fundamentals, we develop products and strategies that leverage our broad array of expertise in fixed income, equities, alternative, structured products, debt financing for corporations and debt and equity financing for commercial real estate. Based in Boston and Springfield, Mass., and Charlotte, N.C., with offices in New York City and Los Angeles, the firm’s subsidiaries include Babson Capital Europe Limited in London, Babson Capital Australia Pty Ltd in Sydney, and Cornerstone Real Estate Advisers LLC in Hartford, Conn. Babson Capital is a member of the MassMutual Financial Group.