Printer Friendly

CIGNA COMPANIES AND AIM MANAGEMENT GROUP IN STRATEGIC ALLIANCE

CIGNA COMPANIES AND AIM MANAGEMENT GROUP IN STRATEGIC ALLIANCE
 PHILADELPHIA, March 13 /PRNewswire/ -- The CIGNA Companies and Houston-based, AIM Management Group announced today that they have agreed in principle to a strategic alliance in which AIM would become investment adviser for and distributor of the mutual funds within the CIGNA Funds Group.
 In addition, CIGNA's individual life insurance agency force would gain access to AIM's expanded family of funds, a strong customer service capability and proven marketing support. The alliance also would enable CIGNA to enhance its ability to offer attractive variable annuity products in which the AIM funds would serve as the investment vehicle. The terms of the transaction were not disclosed.
 Yesterday, the CIGNA Funds Group Board of Trustees voted to recommend to the shareholders of the funds that they approve the transaction. Completion of the transaction is subject to approval of the funds' shareholders at a special meeting, scheduled for June 25, 1992.
 "We believe the transaction is mutually beneficial to shareholders of both fund groups," said Ted Bauer, AIM Management Group chairman. "AIM has an outstanding reputation in equity funds. The addition of the CIGNA funds, particularly CIGNA's fixed income series, will enable us to create a unified family of funds that includes a broad array of investment options with a strong performance record and substantial distribution capabilities."
 AIM's equity funds include AIM Constellation Fund (aggressive growth), AIM Weingarten Fund (growth) and AIM Charter Fund (growth and income). Each of the AIM equity funds ranked in the top 10 percent of its respective Lipper categories for the five years ended Dec. 31, 1991. Within the CIGNA Funds Group, two funds were in Lipper's top quartile and five were in the top half of their categories, based on five years' performance at year-end 1991.
 "CIGNA's national sales agency force would gain access to AIM's considerable talents in marketing, wholesaling and equity investing and new variable annuity products based on AIM's funds," said George R. Trumbull, president of CIGNA's Individual Financial Services Division. The division offers affluent individuals comprehensive financial planning and implements these plans through the sale of appropriate insurance and investment products.
 "The proposed alliance with AIM would be an extraordinary opportunity to offer our target customer market of small business owners, executives and professionals a broader array of investment options, including a new variable annuity. It also sharpens CIGNA's focus on the management of its pension and institutional investment portfolios, as well as on our remaining investment companies," Trumbull said.
 The CIGNA Funds Group, a Massachusetts trust, includes 14 separate fixed income, equity and cash mutual funds. A CIGNA company also advises six annuity accounts and two closed-end funds, the CIGNA High Income Shares and INA Investment Securities, Inc., which are not part of the proposed transaction.
 AIM is one of the largest 25 mutual fund management companies in the United States, with more than $18 billion under management. In addition to its rapidly growing retail funds, AIM manages institutional funds used by the trust departments of many of the nation's leading banks.
 The CIGNA companies, with nearly $58 billion of invested assets under management, are leading providers of insurance, health care, employee benefits, pension and investment management, and related financial services to businesses and individuals worldwide.
 /delval/
 -0- 3/13/92
 /CONTACT: Michael J. Monroe, vp corporate relations of CIGNA 215-761-6133, or Robert Graham, president of AIM, 713-626-1919/
 (CI) CO: CIGNA Corporation; AIM Management Group ST: Pennsylvania, Texas IN: INS SU: JVN


MP -- PH009 -- 7702 03/13/92 09:45 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 13, 1992
Words:587
Previous Article:LIPOSOME COMPANY COMPLETES STOCK OFFERING OF 3 MILLION SHARES
Next Article:REVENUE DECLINE AND EARNINGS INCREASE FOR DETROIT & CANADA TUNNEL CORPORATION IN THE FIRST QUARTER
Topics:


Related Articles
CIGNA COMPANIES AND AIM MANAGEMENT GROUP CEMENT STRATEGIC ALLIANCE
HEALTH CARE REFORM WILL INCREASE OVERALL BENEFITS COSTS
CIGNA AND KOREA EXCHANGE BANK SIGN MEMORANDUM OF UNDERSTANDING
CIGNA International and Advance Synergy Berhad Form Joint Venture in Malaysia
USF&G Launches Global Ocean Cargo Program Through Alliance With CIGNA Property & Casualty
Allstate Life Announces Variable Annuity Transaction with Lincoln Financial Group.
CIGNA Group Insurance and Answer Financial Inc. Announce Joint Marketing Agreement to Create `24-Hour Desktop Supermarket' for Insurance And...
CIGNA International and International Health Academy Announce Strategic Alliance; Aim to Promote Private Health Care Options Internationally.
CIGNA HealthCare and NationsHealth Team to Offer Medicare Part D Plans.
Tufts Health Plan and CIGNA HealthCare Form Strategic Alliance.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters