MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, June 28, 2001 Amex Taps Two Subadvisors American Express continues to build its fund family building on the talents of outside managers. Today, the firm filed prospectuses for two new subadvised AXP Partners funds with the SEC. Both funds are international funds and bring the total number of AXP Partners funds to five. The two additions are also likely to be the last for the near future. The funds will be offered both through American Express Financial Advisors 14,000 member distribution force and to certain retirement plan sponsors, said Paula Meyer, vice president and managing director for American Express Funds. American Century Investment Management and Liberty Wanger Asset Management are splitting the investment management duties for the AXP Partners International Aggressive Growth Fund. Bernstein Investment Research and Management, a unit of Alliance Capital Management, is the subadvisor of the AXP Partners International Select Value Fund. The funds were intended to assist financial planning for clients and are designed with a lower correlation to US markets than is typical in international funds, said a spokesperson. He added that the funds are multi-cap and will invest in developed markets. The firm expects to launch the new funds in third quarter 2001.The funds will be subadvised by asset managers independent of American Express and will carry the "AXP Partners" brand. Both funds will invest in international companies of all sizes and are expected to have median market capitalizations in the $4 billion to $8 billion range. Last week the first two AXP Partners funds were officially launched. Altogether American Express offers 51 retail mutual funds not counting these two and has more than $83 billion in assets under management as of the end of first quarter 2001. Six of the firm's funds are subadvised. Printed from: MFWire.com/story.asp?s=26764 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |