Zurich's Scudder unit is losing more than fund assets, it is also losing executives. The latest, and highest profile departure, was announced yesterday when American Express announced it had hired William F. "Ted" Truscott as its chief investment officer to replace Peter Anderson, who retired in April.

Separately, reports of the bidding process for Zurich Scudder continue to pour in. A story in today's Wall Street Journal contends that Deutsche Bank has stepped to the head of the list with an offer reportedly worth $2.5 to $3 billion. That offer surpasses Amvescap's, says the paper.

Truscott starts at the firm today as chief investment officer overseeing some $261 billion in assets at American Express Financial Advisors. Since the end of 2000 he had held the same title at Zurich Scudder Investments where he had a nine-year career which included time spent as a fund manager.

At AEFA he will report to James Cracchiolo, chairman and chief executive officer. "Ted’s investment success and his leadership skills are exactly what we were looking for in a chief investment officer," said Cracchiolo.

Zurich Scudder responded to the announcement by naming Farhan Sharaff, currently global chief investment officer, as regional CIO for the Americas.

"Ted Truscott has been a tremendous asset to our firm," said Sharaff. "He is admired for his intellect, knowledge of the industry, and client advocacy. We wish him well."

Sharaff pointed out that Scudder Investments has made moves to bolster its investment research team.

"The result is that we have a seasoned and cohesive group that works diligently to ensure that our clients receive the highest level of investment expertise," Sharaff said.  

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