Money managers have traditionally kept their separately managed account and mutual fund businesses in distinct units, but now at least one firm is bucking that trend. The MFWire
has learned that AIM Investments
is squashing is separate account division, AIM Private Asset Management, back into the rest of the retail business. According to a a spokesperson for the company, about 50 employees are losing their jobs. APAM will now be run by John Cooper
, director of business development and national account management.
An industry insider told The MFWire
that AIM was letting all of separate account wholesalers go, and Ivy McLemore, director of communications, confirmed that "generalist wholesalers and internal wholesalers who formerly shared responsibility for sales of separate managed accounts with APAM wholesalers will take sole responsibility for that business." One source claimed that APAM's head of investments was also hit by the layoffs, but McLemore declined to comment on specifics.
The reasons for the reorganization were not exactly clear. McLemore stressed that the re-absorption of the unit was part of Amvescap
's global strategy of taking "a more unified approach to our business."
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