hareholders of American Express Funds
approved the proposed name change of the IDS fund family's funds to American Express Funds and the IDS Life variable annuities to American Express Variable Portfolio Funds. Individual funds will be named AXP Growth or AXP Income or AXP Rotating Hybrid Sub-Sector Focused Funds, etc.
"We are adopting the "American Express' name for our fund families because these investment products reflect the values of high quality and exceptional service that are synonymous with the 'American Express' brand," said David Hubers
, president and ceo of American Express Financial Advisors in a statement. "In 1995, we changed the name of the company to American Express Financial Advisors from IDS. Today's change is part of our overall plan to reinforce the 'American Express' brand in the financial services industry."
"I am delighted that the fund shareholders have approved the adoption of the 'American Express' name," said Anne Carlson
, chairman and ceo of American Express Funds. "Many publications already list the funds under the American Express banner. This change will provide for more consistent communication, which is a benefit for shareholders."
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