A Year End Statement for Our Clients & Business Partners from our Managing Partner, Doug Sieg | Lord Abbett
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On behalf of everyone at Lord Abbett, I want to wish you and your family a happy and healthy New Year. We are tremendously grateful for your continued trust over the past 12 months, and we look forward to providing you with the best of Lord Abbett in the year ahead.

As we begin 2021, I want to take the opportunity to reflect on a year that has been unlike any other in our history—a year that will shape our world, our country, and our firm for years to come. I could not be prouder of how we have shown up, adapted, grown, and learned together, or of how we have drawn closer as a firm despite physical distance. Our collective efforts on behalf of you, our valued clients and partners, are why we will be stronger on the other side, together.

The cultural journey we began two-and-a-half years ago has enabled us to move forward—resilient and resolute—over the past 10 months. As a principles-led organization, we have adapted to the challenges of the current environment and deepened our connections with each other, even while working remotely. Our performance-oriented culture has empowered us to engage our clients and partners in new ways and operate at peak performance. As a purpose-driven firm, we continued to drive impact through action across our communities in meaningful ways, such as the Lord Abbett Maternity Wing at Jersey City Medical Center, the Hudson Pride Center’s advocacy efforts, and our recent partnership with St. Peter’s University. Our strategic approach has focused our efforts within the new realities of our industry, while our mission has inspired us with a higher purpose worthy of an organization that aspires to be the most respected asset manager in the world: Securing a sustainable future for our clients, our people, and our world.

In navigating the intertwined crises of the pandemic, the resulting economic instability, and the summer’s social unrest in response to systemic racism, we recognized the importance of using our voice, taking a stand, and going all-in as a global corporate citizen. Last April, we donated $1 million to support the frontline workers in Jersey City and New York City. In June we began the crucial work of fostering meaningful discussions across the firm about issues of racial inequality. In July, we celebrated the U.S. Supreme Court ruling that the Civil Rights Act protects LGBTQ+ employees from discrimination, a decision we supported by joining with more than 200 companies in signing an amicus brief in 2019. Most recently, in December we wrote a letter to the SEC expressing our full support of the Nasdaq’s courageous proposal for new board diversity and disclosure expectations for listed companies. Each of these important actions demonstrates our commitment to engaging with our peer companies in stakeholder capitalism, which we call global corporate citizenship. Through this lens, we view the business of business as not simply serving shareholder interests but those of everyone with a stake in the well-being of the enterprise—clients, employees, and society. And there is no going back.

We come to this work with inherent advantages. As a private firm, we have no pre-existing doctrine of shareholder primacy to discharge. Moreover, as an investment management firm, we have the power to drive change. We are committed to using these strengths to deliver on our mission as a global corporate citizen.

With our higher purpose before us, we begin the new year energized by our deep commitment to our clients, our people, our world—all of which represent our valued stakeholders. We will do so as we continue to address some of the most pressing issues of our time:

  • Well-Being - Safeguarding the health and well-being of our people remains paramount. While the distribution of COVID-19 vaccines has begun, we still have miles to go in the marathon of the pandemic. Our principles-led environment continues to be a strength of the firm as we address the challenges created by the crisis in terms of childcare, mental health, and other issues, in order to finish the marathon together.
  • Belonging - There is no question that diverse organizations are more successful, that inclusive environments are more empowering, and that embracing differences creates more cohesion. In short, diversity is a game-changer that informs better decisions on every level. We will continue to advance our inclusion and diversity efforts, engage in meaningful dialogues like our ongoing series of Leadership Conversations with outside experts, and ensure that every voice is valued within Lord Abbett and beyond.
  • Sustainability – The critical nature of what we now call Environmental, Social and Governance (ESG) issues has become all too clear in recent years. It is our responsibility to hold ourselves—and the companies we invest in—accountable. Doing so will make us a better firm and augment our ability to perform on behalf of our clients. As investors, we found that our voice carries weight, and we intend to lean in on the crucial issues of sustainability.

Our intensifying focus on stakeholder capitalism has secured us a seat at the table among the global thought leaders who are pushing boundaries and calling for real action to improve corporate citizenship. Our partnership with the World Economic Forum has involved us in today’s most important conversations on stakeholder capitalism and given us access to new ideas that will enhance our ability to accomplish our mission.

We entered the pandemic in a position of strength, and we will emerge from it even stronger, Globally, we are being recognized as a leader for our investment performance and our ability to build lasting relationships with our clients. In an industry that has struggled to maintain relevance, our success reinforces our independent approach and fuels our commitment to active investing, fundamental research, and delivering the highest quality investment products over the long term, while allowing us to actively reinvest in our business and attract investment professionals of the highest caliber. You have my unqualified commitment to investing in Lord Abbett in order to be the most respected asset manager in the world—a firm loved by its employees and an employer of choice in the industry.

I am immensely proud of the ways our people have embraced and strengthened our culture, which earned us recognition as one of the Best Places to Work in Money Management for the first time by Pensions & Investments. I am inspired by the milestones we have achieved together. I am energized by the conviction that has led us to this inflection point in our history. And I am truly grateful for your continued trust in us. There is no doubt that 2020 was a year that forever changed our lives, yet I also believe that we will look back on it as a year that galvanized our organization and prepared us to embark on a future of opportunities for our clients and partners, renewal for our world, and even greater strength for our firm. As a good friend of mine, who has been leading a successful company throughout the pandemic, recently said to me: “We have not come this far only to come this far”. I could not agree more, and I remain confident that we will be stronger on the other side.

Sincerely,

 

Douglas B. Sieg

Managing Partner

Our Managing Partner

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