First Investors: Celebrating More Than Eight Decades of Dedicated Service
1930s & 1940s
1930: In the midst of the Great Depression, Financial Independence Founders — the predecessor firm of First Investors — is established. The firm caters to individual investors with the philosophy: “You don't have to be wealthy to invest with us.”
1934: Jack Thomas becomes president.
The firm pioneers monthly investment plans, enabling clients to systematically invest money on a regular basis.
1948: The Company name is changed to First Investors Corporation.
1950s
1950: David D. Grayson joins the Company as a representative, and becomes one of the most productive representatives and sales managers in the Company's history. Under his direction, the New York Times Square office dominates First Investors' rankings for years.
1956: Upon the retirement of Jack Thomas, Rowland A. Robbins and John D. Case become Chairman and President of the Company, respectively, after serving as officers for 20 years.
1960s
1960: David Grayson is brought into the Executive Office to lead the sales organization.
1962: Glenn O. Head joins the Company and begins a legendary career that would span more than four decades. He is first charged with organizing an insurance company, which becomes First Investors Life Insurance Company (FIL).
1968: Glenn Head and David Grayson become the Chairman and President, respectively. They would run the Company jointly for 26 years, until the death of David Grayson in 1994. Their tenure is marked by unprecedented growth and innovation.
First Investment Management Company (FIMCO) is established to manage the firm's mutual funds.
1970s
1971: First Investors Fund For Income, one of the industry's first high yield/speculative grade bond funds, commences operations.
1974: Administrative Data Management (ADM) is formed to handle the Company's custodial, data processing, accounting, administrative and customer service needs.
1977: The groundbreaking First Investors Tax Exempt Fund is launched as the industry's first open-ended municipal bond fund whose bonds are insured as to timely payment of interest and principal.
1978: The First Investors Cash Management Fund, a short-term money market investment with a check writing feature, is launched.
Assets under management reach $100 million during this decade.
1980s
1981: Assets under management top the $1 billion mark.
1982: First Investors Life Variable Annuity Fund “A” is launched with assets invested in shares of the First Investors Special Bond Fund.
1982: First Investors International Fund (later renamed Global Fund) is established, offering clients exposure to international equity markets.
1984: First Investors New York Tax Exempt Fund is launched offering income exempt from federal, state and local taxes to New York state residents. Over the years, 17 more state-specific funds would be added to the lineup.
1984: First Investors Government Fund is established, which features a diversified portfolio of government securities with a focus on Ginnie Maes.
1985: To serve the savings and credit needs of clients, First Financial Savings Bank, S.L.A is acquired. It is later renamed First Investors Federal Savings Bank. Today, it acts as custodian/trustee for all IRAs and enjoys the highest ratings for safety and soundness from financial ratings organizations.
1988: FIL introduces the Insured Series Policy, a variable life insurance product.
1989: First Investors Blue Chip Fund begins operations. This equity fund invests in large, well-established companies.
1990s
1990: First Investors' corporate headquarters moves to 95 Wall Street.
1990: First Investors Life introduces The Tax Tamer®, a variable annuity.
1990: The Company introduces two new mutual funds: Total Return Fund, featuring a portfolio of stocks, bonds and money market instruments; and Special Situations Fund, focusing on promising small- and medium-capitalization companies.
1991: First Investors Investment Grade Fund, which seeks income by investing in high-quality corporate bonds, commences operations.
1992: The Branch Office Support System (nicknamed BOSS) is developed, linking headquarters and all field offices. It helps managers and registered representatives better serve their clients providing access to client account data, financial calculation programs, customized investment recommendations and client forms and letters.
1992: First Investors Made In The U.S.A. Fund (later renamed Mid-Cap Opportunity Fund) is launched. Today, it offers clients exposure to the much-overlooked sector of medium-sized companies.
1993: The Company introduces two new mutual funds that invest in the common stocks of companies paying dividends: Growth & Income Fund; and First Investors Utilities Income Fund (now the Value Fund). The First Investors Insured Intermediate Tax Exempt Fund, an insured municipal bond fund, is also launched.
1996: The firm rolls out its SIMPLE-IRA to serve the needs of small businesses.
1998: The Roth IRA is introduced, offering investors a tax advantaged way to save for retirement.
1999: First Investors Life introduces Level Term Life Insurance, a competitively priced policy that offers pure insurance protection.
Assets under management reach $5 billion.
2000s
2000: First Investors celebrates its 70th anniversary.
First Investors introduces the All-Cap Growth Fund, which focuses on growth stocks from three capitalization ranges: small-, mid- and large-cap.
2002: Education Savings Accounts and 529 Plans are added to the Company's product offerings to help parents save for their children's educations.
2004: Glenn Head retires. Under his leadership, the Company was transformed from a sales organization that marketed a limited number of products into a modern, full-service financial institution with offices across the U.S.
2005: Kathryn S. Head, a 22-year veteran of the firm, is named Chairman.
First Investors celebrates its 75th anniversary. The firm's founding philosophy still remains true: “You don't have to be wealthy to invest with us.”
The Company introduces Modified Single Premium Variable Life Insurance (SPVL), which enables individuals to purchase lifetime life insurance with one premium payment.
2006: Assets under management reach $7 billion.
First Investors International Fund is launched, offering clients access to foreign equity markets.
The Company adds Governmental 457(b) and Roth 403(b) plans to its lineup of employer-sponsored retirement products.
2007: The All-Cap Growth Fund is given a new direction. Smith Asset Management Group, L.P is named as the Fund's new subadviser, the Fund's investment strategy is altered and the Fund is renamed the Select Growth Fund. The Fund applies a rigorous, disciplined approach to choosing growth stocks that have a reasonable level of risk.
First Investors' New York corporate headquarters moves to its current location: 110 Wall Street.
The Company makes a number of changes to its fund lineup. The Insured Tax Exempt Fund (FITE) is reopened to new investors. The Focused Equity Fund is merged into the Blue Chip Fund, and the Insured Intermediate Tax Exempt Fund and Florida Insured Tax Exempt Fund are merged into FITE. In addition, management of the Life Series Focused Equity Fund is transferred to the Smith Asset Management Group, its name is changed to the Life Series Select Growth Fund and its investment objectives are matched to those of the Select Growth Fund.
The Special Bond Fund is merged into High Yield within the Life Series Funds.
2008: The Mid-Cap Opportunity Fund is renamed the Opportunity Fund. This change provides additional flexibility in the management of the Fund.
First Investors Life introduces the next generation of variable life insurance: ISP CHOICE. This policy offers permanent life insurance protection and the ability to choose among four different premium payment periods.
2009: First Investors Life introduces two new products, FIRST ADVANTAGE, a flexible premium fixed deferred annuity and FIRST ADVANTAGE FOR INCOME, a single premium immediate annuity.
For more information about any of the First Investors funds or First Investors Life variable insurance products, you may obtain a free prospectus by contacting your registered representative, writing to the address below, or calling (800) 423-4026. You should consider the investment objectives, risks, charges and expenses carefully before investing. The prospectus, or in the case of a variable insurance product, both its contract and underlying fund prospectus, contains this and other information, and all applicable prospectuses should be read carefully before you invest or send money. An investment in one of these products is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Life insurance and annuities are underwritten by First Investors Life Insurance Company, 110 Wall Street, New York, NY 10005, and distributed by First Investors Corporation.
