Alan R, Adelman has resigned as investment management chief of First Interstate Bank of California to join Analysis Investment Management Inc. as president and chief executive.

The company, based in Irvine, Calif., manages about $1.2 billion for large pension funds, endowments, and other institutional investors.

Mr. Adelman, who has 15 years of investment and capital markets experience, had been senior vice president and chief investment officer of First Interstate's trust and private banking group since 1988.

As manager of the Los Angeles-based bank's investment management division, he was directly responsible for more than $7 billion in assets.

Russell K. Snow Jr., executive vice president of the trust and private banking group, is temporarily assuming Mr. Adelman's responsibilities, a spokeswoman for the company said.

Analytic Investment Management was acquired in 1988 by United Asset Management Corp., which provides investment-management services to more than 5,500 clients through its network of 40 affiliates.

Though it goes by the name "AIM," Analytic Investment Management is unrelated to Aim Management Group Inc., a Houston-based mutual fund company. -- Kalen Holliday

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