American Express Renames IDS Funds
June 28, 1999
American Express Financial Advisors of Minneapolis, Minn., has renamed its IDS mutual fund family, the American Express Funds. The 37 individual funds in the family will have AXP in their names.
American Express acquired IDS in 1984 but did not change the name of the company to American Express Financial Advisors until 1995. David Kanihan, a company spokesperson, said American Express delayed changing the name of the funds because obtaining shareholders' votes is expensive and takes a long time. But, now that American Express's imprimatur is on the funds, they may attract more assets, he said.