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Monday, October 04, 2004|
Top Exec at AIM on Leave
AIM Investment's Chief Investment Officer Ed Larsen is taking a leave of absence to take care of outstanding regulatory issues. Specifically, Larsen is taking a leave to "resolve regulatory inquiries related to his role in the market timing investigations into AIM," AIM President Mark Williamson disclosed in a Monday letter to shareholders.
Phil Ferguson, chief equity officer, and Bob Alley, chief fixed-income officer, will report directly to Williamson during Larsen's absence.
Larsen begins his leave today, wrote AIM spokesman David Bachert in an email. "Mr. Larsen's situation will be determined once the regulators have completed their review," Bachert wrote.
Meanwhile, AIM officials updated investors on ongoing regulatory and litigation matters. Besides fund distribution and sales practices, market timing, and late trading the firm has received requests related to 529 savings plans and investments in registered investment companies, officials disclosed.
The news comes amid a time of change for AIM and Invesco. Last week, AIM provided specifics for the long-coming integration of Invesco into AIM.
Fifteen investment professionals from Invesco's Denver Investment Center will join AIM Advisors, which is based in Houston. Prior to the announcement, 41 investment professionals worked at the Denver Investment Center. It was not immediately clear if the managers will relocate to Houston. Mark Greenberg, John Segner, William Keithler and Michelle Fenton are among the professionals joining AIM from the Denver Investment Center, wrote Bachert.
All 17 remaining Invesco branded funds will be rebranded under AIM funds, as announced in early September. The names, for the most part, will change simply from Invesco to AIM, unless an existing AIM fund name was duplicative, officials wrote in a Q&A.
Managers will remain the same for 12 of the 17 former Invesco funds.
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