Dec. 18, 2002 — New portfolio managers have taken over the equity portion of AXP Managed Allocation Fund/A (IMRFX), which holds a mix of domestic and foreign stocks and bonds.

Dimitris Bertsimas was named lead manager and Gina Mourtzinou co-manager of the fund. They replace James Johnson and Mark Burgess. David Kuplic continues to oversee the portfolio’s fixed-income investments.

Johnson and Burgess continue to run other AXP mutual funds. Burgess is also the complex’s chief investment officer for international equities.

Bertsimas and Mourtzinou, like their predecessors, are quantitative managers who use computer models to pick stocks, a spokesman for AXP funds said. The fund group, a unit of Amer Express (AXP), changed Managed Allocation’s fund managers to give investors in its funds a wider choice of quantitative portfolio managers, he said. The change was not related to the fund’s performance, he added.

An international balanced fund, AXP Managed Allocation lost 11% this year through November, while its peers were down 6.4% on average. For the three year period ended in November, the fund posted an annualized loss 5.4%, versus 2.9% for its peer.

The new managers joined American Express this summer, when the firm acquired Dynamic Ideas LLC, a consulting company that developed quantitative tools for asset management companies.