AIM Will Eliminate Distribution Positions
September 4, 2000
A restructuring of the two broker-dealer distribution arms of AIM Management Group of Houston will eliminate several positions and require some employees to take on different roles with the firms, said Ivy McLemore, a spokesperson for the company.
It has not yet been determined how many positions will be affected by the restructuring, said Steven Grady, another spokesperson for the firm.
AIM's distributors, Fund Management Company and AIM Distributors, both of Houston, will undergo restructuring to eliminate redundancies in the marketing of AIM's products and services, according to a company statement. AIM Distributors and FMC are subsidiaries of Aim Management Group.
"This is not a downsizing," McLemore said. Some employees will keep their current positions but will switch companies, he said. Other employees will be asked to assume new positions with commensurate salaries and responsibilities, he said.
FMC, the firm's principal underwriter and distributor of AIM's institutional funds, will hand its retirement marketing and servicing business over to AIM's retail fund distributor, AIM Distributors. It will focus solely on growing the firm's cash management business with institutional intermediaries. The firm currently manages nearly $50 billion in institutional money and money market assets, according to AIM.