December 22, 2003
Two Managers Leave AIM As Firm Reshuffles Funds
Mutual fund manager AIM Investments has reshuffled the portfolio management teams on two of its funds.
The Houston-based fund shop said two members of the management teams on the AIM Balanced Fund and AIM Basic Balanced Fund have been replaced. Managers Claude Cody and Craig Smith are "no longer with the company," a spokesperson for the company told Money Management Executive.
Another manager, Meggan Walsh, will remain with firm as the lead manager of the AIM Diversified Dividend Fund and manager of the AIM Premier Equity Fund. Robert Alley is leaving the two funds to focus more on his responsibilities as Chief Investment Office, Fixed Income.
AIM Balanced Fund will keep the same investment objective listed in the prospectus but take on a more conservative approach, the company said.
Existing AIM Balanced and AIM Basic Balanced fund managers Jan Friedli and Scot Johnson will be joined by AIM Basic Value lead manager Bret Stanley and managers R. Cannon Coleman II, Matthew Seinsheimer and Michael Simon. AIM's Basic Value and Investment-Grade teams will provide support for those managers.
Janus Installs Two to Run High Yield, Growth, Income
Janus Capital has just named portfolio managers for its high-yield portfolios and its growth and income funds. Minyoung Sohn will now run its growth and income funds and Gibson Smith will manage its high-yield portfolios. Sohn, who has worked five years for Janus, succeeds David Corkins, who will continue to manage the Janus Mercury Fund, the company said.
Smith, who has worked at Janus since 2001, succeeds Michael Buchanan, who is leaving the company to return to New York.
Buchanan's decision to leave the company was unrelated to the scrutiny Janus has gotten since it was named Sept. 3 in New York Attorney General Eliot Spitzer's probe of mutual fund trading practices, the company said. It has not been charged, but it has had $5.4 billion of net stock and bond fund outflows since Aug. 31, according to Financial Research Corp. Its assets under management had declined to $149.8 billion by Nov. 30.
UBS Appoints President Of Wealth Management
UBS AG has just named Bob Silver president and COO of its U.S. wealth management unit. Effective this January, Silver succeeds Mark Sutton, who, as previously announced, will assume the post of CEO of UBS Wealth Management USA. Sutton takes over as the head of the business from Chairman and Chief Executive Office Joseph J. Grano, Jr., who remains chairman during the transition.
In his new role, Silver will be responsible for day-to-day operations of the unit.
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