MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, October 5, 2000 Aiming Beyond Funds Are mutual funds passé?There is growing evidence of a viable market for retail investment management above the fund market. To fill this growing need, A I M Management Group has formed a AIM Private Asset Management Inc. (APAM), a subsidiary that will offer personalized portfolios to high-net-worth and institutional clients. The service will be marketed through intermediaries at brokerage firms to individuals who want to take more control over their account, either in terms of having input on when capital gains are realized or in stock selection. "The amount of assets allocated to privately managed accounts more than doubled between 1997 and 1999," said Mark McMeans, president and chief operating officer. "AIM is optimistic about the potential growth of this area of the industry and excited about tapping into this rapidly growing facet of the marketplace." The firm will also focus on institutional clients in the corporate market seeking non-mutual fund account management for their assets. Up until now, the bulk of AIM's assets in the retirement plan market were invested through its mutual funds. APAM will offer eight portfolio styles using the same investment team as manages most of AIM's fund group. Joining McMeans among the firm's executives are Kamala Sachidanandan, who will serve as vice president and director of marketing and Mary Gentempo, who has been named vice president and director of operations. Two executives -- Keith McRedmond, vice president and director of portfolio advisory services and Gwenne Buck, assistant vice president and head trader -- join APAM from Beutel Goodman Capital Management. Printed from: MFWire.com/story.asp?s=25938 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |