Founded in 1976, Harris Associates in Chicago is a CDC IXIS Asset Management subsidiary. Harris Associates are value investors. In constructing portfolios for clients, Harris seeks companies that are believed to be trading in the market at significant discounts to their underlying value. These businesses must offer significant profit potential and be run by managers who think and act as owners. Harris Associates frame the investment process as owning a piece of a business for the long term. Harris Associates manages domestic equity, domestic balanced and international equity separate account portfolios for individuals and institutions nationwide. The minimum account size necessary for Harris Associates to invest is $3 million while per individual; the account size for an institution is $5 million.