April 20, 2004 — AIM Investments today replaced the team that manages the $8.5 billion AIM Premier Equity Fund/A (AVLFX) in an effort to improve its performance.
The new 10-member team is headed by Ronald Sloan, who is also the lead manager of the AIM Charter Fund/A (CHTRX) and the AIM Mid Cap Core Equity Fund/A (GTAGX).
AIM also announced that Jay Rushin, the co-manager of the $2.3 billion AIM Aggressive Growth Fund/A (AAGFX) since 2000, has taken over as its lead manger. He succeeded Robert Kippes, who is leaving the fund company.
Premier Equity’s former lead manager, Robert Shelton, and two of the fund’s former co-managers, Abel Garcia and Kellie Veazey, are still with AIM, but their duties remain unspecified “pending review,” said company spokesman David Bachert.
The fund’s two other former managers, Meggan Walsh, and Michael Yellen, continue to oversee other AIM funds. Walsh is the lead manager of the AIM Diversified Dividend Fund/A (LCEAX), and Yellen holds the same position with the AIM Global Health Care Fund/A (GGHCX).
Bachert said AIM replaced Premier Equity’s managers to try to boost the fund’s returns. Premier Equity has lagged similar funds and the Standard & Poor’s 500 index in recent years.
Premier Equity rose 24.9% in 2003, versus 28.2% for its large-cap growth fund peers, and 28.7% for the index. The For the five years ended in March, the AIM fund lost 5.2%, on average, versus losses of 3.6% for similar funds, and 1.2% for the index. The portfolio is ranked 2 Stars by Standard & Poor’s.