First Investors Corporation

• First Investors Consolidated Corporation (FICON) was a holding company, consisting of the subsidiaries First Investors Corporation (FIC) and First Investors Management Company, Incorporated (FIMCO)
• Unlike other mutual funds, first investors had a sales force that went to clients to sell the funds.
• Timeline
  • 1920 David Grayson born
  • 1930 Founded as a privately held, diversified, financial services organization
  • 1950 David Grayson became salesman for First Investors
  • David was repeatedly promoted for having the best-performing sales team
  • 1968 David Grayson and Glenn Head bought First Investors for $55 million in assets with an LBO
  • 1994 David Grayson passed away
  • 2004 $6.6 billion in assets
  • 2011 Sold with $7 billion in assets and 400 home office employees
    • Kathryn S. Head was the CEO
    • First Investors continued to operate as a standalone entity within Foresters U.S. Division with Chris Pinkerton as head