Today the world is full of commerce and technology. Moreover, financial institution is equally essential for the business strategy, whether it’s a small firm or a large foundation. Banking helps business to record their monetary flows. In other hand, banking is appropriate for every individual, for example, seniors, students, and travelers. Those financial institutions make the people convenient for all kinds of businesses, shopping, and paying debts. In order to better serve the consumers, many banks and financial institutions are organized. One of the famous public finance industries in history is American Express.
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American Express is a public company. It diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler’s check businesses. American Express operates through three principal divisions: Travel Related Services, American Express Bank and American Express Financial Advisors. The Company’s common stock trades on the New York Stock Exchange under the ticker symbol AXP. It is one of the 30 stocks that comprise the Dow Jones Industrial Average and is ranked as 174 largest companies.
American Express was founded in 1850 by Henry Wells, William Fargo, and John Butterfield as an express business. In 1882, American Express launched its money order business to compete with the US Post Office’s money orders. This product quickly spread to Europe where no such financial product existed. While his trip to Europe, Mr. Berry created the American Express Travelers Check which was launched in 1891 in denominations of $10, $20, $50, and $100. Moreover, in 1915, they announced the establishment of a travel department and soon established its first travel agencies. In October 1, 1958, American Express CEO Ralph Reed launched 250,000 cards. After two years, American Express began issuing embossed ISO 7810 plastic cards. Later they began various cards according to the business type and payment system. It was not until 1975, American Express began to advertising credit cards with the slogan, “Don’t Leave Home Without it” featured Oscar-winning actor Karl Malden. To this date, American Express continues to use celebrities in their ads. Many American Express credit card ads feature a sample American Express card with the name, as “C F Frost” on the front, as Charles F Frost was an advertising executive.1
American Express was centrally located near World Trade Center. After the events of September 11, 2001, they moved back into its rehabilitated building in 2002. Amex Canada is based in the Toronto suburb of Markham. Its European headquarters is in Brighton, London at Belgrave House on Buckingham Palace Road and Burgess Hill. The Asia-Pacific Headquarters is located in Singapore, at Collyer Quay.
The primary objective of American Express is to provide financial services to Public. The company is well known for express delivery of gifts and cards since its early period. In April 28, 2003, American Express Financial Corporation, a unit of American Express, has launched three new mutual funds as their objectives: a quantitative large cap equity fund managed by American Express, and two American Express Partners mutual funds sub advised by leading asset managers.2
AXP Quantitative Large Cap Equity Fund
Primary objective is long-term growth of capital.
Under normal market conditions, at least 80 percent of the fund's assets will be invested in stocks of companies with market capitalizations of $5 billion or more at the time of purchase. The fund employs rigorous quantitative methods using sophisticated technology and statistical processes to select a diversified portfolio of U.S. stocks. The fund will hold both growth and value stocks.
The fund uses a disciplined approach that combines three quantitative strategies: value, momentum and factor models. Unique...
References: 1) www.americanexpress.com
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