Nov. 8, 2002 -- AIM Capital Management said four of its portfolio managers are retiring.
Joel Dobberpuhl, 36, lead manager of AIM Worldwide Spectrum Fund/A (AWSAX), and A. Dale Griffin III, 44, who helps oversee AIM Asia Pacific Growth Fund/A (ASIAX) and AIM International Equity Fund/A (AIIEX), will retire at the end of December.
Polly Ahrendts, 45, the lead manager of AIM Select Equity Fund/A (AGWFX), and David Barnard, 54, co-manager of AIM Global Science & Technology Fund/A (GTTCX) and AIM Summit Fund/I (SMMIX), will retire at the end of January 2003.
Dobberpuhl also helps manage two other funds, and Barnard helps manage the AIM New Technology Fund/A (ANTAX).
Following their retirements, the portfolio managers' responsibilities will be assumed by the remaining members of the teams that oversee the funds, AIM said.
The retirements are related to an ongoing workforce reduction, said AIM spokesman Ivy McLemore. The company is expecting to trim about 5%, or approximately 120 positions, from its 2,400 workforce.
A voluntary aspect to the reduction includes retirement, noted McLemore, who does not expect any more AIM portfolio managers to leave the firm. The firm employs a team approach to manage its portfolios.
"If we need to make any changes to those portfolio management teams in terms of additions, those will be announced in a timely fashion as that need presents itself," McLemore added concerning the funds' bench strength.
AIM Capital Management is an indirect subsidiary of Anglo-American fund manager AMVESCAP PLC (AVZ), which said in October that it expected to cut 500 jobs by the end of the first quarter of 2003.