AIM Announces Fundamental Restructuring of Institutional Marketing Subsidiary.Business Editors HOUSTON--(BUSINESS WIRE)--Aug. 28, 2000 A I M Management Group Inc. (AIM) announced today it will undergo a strategic restructuring designed to eliminate the redundancies in marketing AIM's products and services between its two broker-dealers -- Fund Management Company (FMC See fixed mobile convergence. ) and A I M Distributors, Inc. AIM is an indirect subsidiary of AMVESCAP PLC (NYSE NYSE See: New York Stock Exchange :AVZ), one of the world's largest independent investment managers. Effective September 1, FMC, the principal underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. and distributor of AIM's institutional funds, will shift its marketing focus to growing its cash management business with institutional financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. , which has been an integral part of AIM's overall success. AIM currently manages approximately $50 billion in institutional money market assets. To facilitate this change, FMC's retirement plans marketing and servicing business will be integrated and expanded within AIM Distributors, the principal underwriter and distributor of AIM's retail mutual funds. By refining the efforts of its two marketing arms, AIM will look to enhance what is already a well-recognized position in these major distribution channels. "AIM is regarded as a top-tier provider of products for retirement plans and cash management," said Robert H. Graham, AIM's president and chief executive officer. "These moves will enable us to build upon strong existing client relationships and better facilitate the creation of new business while utilizing AIM personnel in a more efficient manner." AIM was founded in 1976 and ranks as the nation's eighth-largest mutual fund complex, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. independent mutual fund monitor Strategic Insight, with approximately $176 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and 8 million shareholders as of June 30, 2000. AMVESCAP PLC had $389 billion in assets under management as of June 30, 2000. Note to editors -- We are required to include the following information with our news release: For more complete information about any AIM Fund, including sales charges Sales Charge A commission or fee paid by an investor at the time of purchasing mutual fund shares. The charge is paid to a mutual fund salesperson or financial advisor and is intended to provide compensation for the financial salesperson's efforts in assisting their client select and expenses, please obtain the appropriate prospectus(es) from your financial consultant or by calling 800/347-4246. Please read the prospectus carefully before you invest or send money. For more information about AIM, visit our Web site: www.aimfunds.com. Fund Management Company, Distributor |
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