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Haaga Invests Himself in Mission to Lead Law School
From ‘Great to Greater’

BY LARRY TEITELBAUM
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Paul Haaga, Jr., L’74, WG’74 was at loose ends -- broke, tired, and dispirited. It was his first year of law school. To make ends meet, he worked as a night desk clerk at a Penn dorm for visiting professors. Sometimes he stayed up all night and went straight to class. One day, drained and frustrated, he wondered aloud while playing rugby why he was exhausting himself for two bucks an hour. Nearby stood a teammate who told Haaga that Wellington Management Company, an old line investment firm, needed a part-time clerk. With that tip, Haaga launched a prosperous career in the mutual funds industry.

Today, Haaga is vice chairman of Capital Research and Management Company, as well as vice chairman of the 12 fixed-income funds in the American Funds Group. In 22 years with the company, the Washington D.C. native has become a visible industry figure who jousts with regulators and often testifies before Congress.

He oversees $1.2 trillion in investments, a staggering sum that exceeds the combined wealth of Bill Gates and Warren Buffett. Most of this money comes from the life savings of middle class people. So Haaga takes very seriously his responsibility for protecting people’s nest eggs.
 
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