AIM Management Group has announced it will rename three former GT Global funds now managed in New York and put them under new management at the company's Houston headquarters.
The change will be made to take advantage of the experienced team of analysts and money managers at AIM's Houston office, a team the company feels is particularly strong in the small- and mid-cap equity area, said AIM spokesman Ivy McLemore.
Mr. McLemore said AIM is not disappointed with the funds' performance and that the changes merely play to the company's strengths.
The funds' managers in New York will continue running them until the changes take effect Sept. 8. They will then remain with AIM, managing institutional money.
The names of the funds will be changed to better describe what they invest in and to differentiate them from other AIM funds, Mr. McLemore said.
AIM Small Cap Equity Fund will become AIM Small Cap Growth Fund; AIM Mid Cap Growth Fund will become AIM Mid Cap Equity Fund; and AIM America Value Fund will become AIM Basic Value Fund.
AIM also announced names for two other former GT Global funds, effective Sept. 8. AIM New Dimension Fund will become AIM Global Trends Fund, and AIM Global High Income Fund will become AIM Emerging Markets Debt Fund.
AIM became the investment adviser to the former GT Global funds in May when Amvescap PLC, the parent of AIM and Invesco, bought the asset management division of Liechtenstein Global Trust, which included GT Global funds.