AIM Will Offer Individual Accounts
October 16, 2000
AIM Management Group of Houston, Texas has announced that it has formed AIM Private Asset Management, a new subsidiary that will market customized portfolios to high-net-worth and institutional clients.
"We started rolling the idea around on this in the fall of 1999," said Kamala Sachidanandan, vice president and director of the new subsidiary. "The demand for the portfolios came from retail wholesalers with relationships with financial advisors." Financial advisors wanted customized products through AIM that they could market to their high-net-worth clients, she said.
AIM will sell the portfolios through First Union Securities of Charlotte, N.C. and minimum investments in the portfolios will be $100,000, Sachidanandan said. The products will be made available to the public Oct. 16, she said.
Investment advisors will be allowed to customize the portfolios to eliminate over-weighted holdings in their clients' investments, said John Roehm, a spokesperson for AIM. Each portfolio will be managed by one of AIM's portfolio managers and will hold approximately 60 different securities, he said.
Advisors will be alerted to changes to their clients' portfolios through an e-mail system that will also forward information and news updates on the portfolios' holdings, Sachidanandan said. AIM Private Asset Management also plans to launch a website, www.aimprivateassetmanagement.com in mid-October, she said.
Eight different portfolios will be offered including a large and mid-cap core fund, a large, small and mid-cap growth fund, a value fund, an international growth fund and a fund that invests in companies that produce products that are popular with baby boomers, said Roehm.