American General Elects Scott Vice Chairman and Group Executive - Investment Management.Business Editors HOUSTON--(BUSINESS WIRE)--Jan. 25, 2000 American General (NYSE NYSE See: New York Stock Exchange :AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ) today announced that Richard W. Scott has been named vice chairman and group executive - investment management. He reports to Robert M. Devlin, chairman, president and chief executive officer. Scott also serves as a member of American General's Management Committee, which is responsible for the development of company-wide strategy, performance and resource allocation resource allocation Managed care The constellation of activities and decisions which form the basis for prioritizing health care needs . &uot;Investment management represents a critical component of American General's growth and profitability,&uot; commented Devlin. &uot;Under Richard's direction, we have grown and strengthened our asset management business, and today have nearly $80 billion of proprietary and third-party account 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. . We look forward to Richard's continued success in growing our asset management operation during an exciting period of opportunity within the financial services industry.&uot; Scott, 46, most recently served as executive vice president and chief investment officer of American General. He joined American General in 1998 following its acquisition of Western National, where he served as executive vice president, general counsel, chief investment officer and a member of the board of directors since 1994. He was elected vice chairman of Western National in 1996. Prior to joining Western National, Scott was a partner with Vinson &Elkins L.L.P. He began his legal career as an associate with Sullivan &Cromwell Attorneys in 1977. Scott, a native of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is a Phi Beta Kappa Phi Beta Kappa: see fraternity. Phi Beta Kappa Leading academic honour society in the U.S., which draws its membership from college and university students. The oldest Greek-letter society in the U.S. graduate of Duke University where he received an A.B. degree cum laude in economics in 1974 and a J.D. degree from Duke University Law School in 1977. American General is one of the nation's largest diversified financial services organizations with assets of $111 billion and market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $15 billion. Headquartered in Houston, it is a leading provider of retirement services, investments, life insurance and consumer loans to 12 million customers. American General common stock is listed on the New York, Pacific, London and Swiss stock exchanges. |
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