Houston's
AIM Funds co-founder
Charles T. "Ted" Bauer, 81, will retire his chairmanship of the AIM Funds on September 30, and as
chairman of AIM overall on December 31, 2000, the company announced today.
Bauer co-founded AIM in 1976 with
Robert Graham, AIM president and chief executive officer and
Gary Crum, president of AIM Capital Management. The company focused on fixed-income and money market products during its first several years of existence before shifting its focus toward retail equity funds in the mid-1980s.
The firm acquired the
Weingarten,
Constellation and
Charter Funds in 1986, and the
CIGNA funds in 1992. In 1997, AIM merged with
INVESCO to form
AMVESCAP (
AVZ), now one of the world's largest money managers with $391 million under management.
Graham, 53, will succeed Bauer as chairman of the AIM Funds and chairman of AIM.
"Ted's remarkable vision and leadership has enabled AIM to grow from a start-up company with five employees and no assets under management to one of the premier investment management firms in the country with over 2,300 employees," said Graham.
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