announced a management overhaul of its Premier Equity Fund and a manager departure from its Aggressive Growth Fund on Monday.
30-year industry veteran Ronald S. Sloan
will lead the Premier Equity Fund, one of AIM's flagship funds with $8.6 billion in assets under management as of March 31, 2004. James G. Birdsall, R. Canon Coleman II, James C. Gassman, Geoffrey V. Keeling, Lanny H. Sachnowitz, Matthew W. Seinsheimer, Robert L. Shoss, Michael J. Simon, and Bret W. Stanley will also manage. All managers, including Sloan, already work at AIM.
Sloan replaces Robert A. Shelton
as lead fund manager. The other management team members were Abel Garcia, Kellie Veazey, Meggan M. Walsh, and Michael Yellen. Walsh and Yellen assist with management of other AIM funds. The roles of Garcia, Veazey and Walsh, in terms of fund management, are pending review, said company spokesman David Bachert.
Sloan joined AIM in 1998 and also leads the Charter Fund and the Mid Cap Core Equity Fund.
As fund head, Sloan will coordinate the portfolios of each independent manager. Each manager's allocation will be determined by opportunities and will not be fixed. The fund firm believes the multi-team structure will lower risk, increase diversification, and lower correlation between investments.
Robert M. Kippes leaves the helm of the Aggressive Growth Fund effective May 31, 2004 to pursue "personal interests." Jay K. Rushin
will be promoted to lead manager of the $240 million fund with Karl F. Farmer also managing. AIM is currently evaluating whether to add another member to the management team, said Bachert.
Rushin is also lead manager of the Mid Cap Growth Fund and co-manager of the Emerging Growth Fund, with Farmer also managing on both funds.
Stay ahead of the news ... Sign up for our email alerts now