NEW YORK -- American General Investment Management is gearing up to actively market its investment management expertise.
The money management offshoot of American General Corp. that was formed in February is drawing up a two-year battle plan to jump-start its evolution from an in-house investment department to a full-fledged money manager.
As part of that plan, Steven Guterman, executive vice president of investment management, said the firm will hire additional equity portfolio managers and institutional marketers. A specific timetable for the hirings has not been determined.
American General Investment will boost its equity management capabilities by adding managers in the small-capitalization, midcap and large-cap areas. The firm now manages stable value, money market accounts, general core fixed income, corporate bonds, mortgage-backed securities, mortgage origination, high-yield bonds, private placement and a social value equity portfolio that excludes "sin" stocks for the company's insurance affiliates.
AGIM already has $70 billion already under management, including $1.3 billion from Variable Annuity Life Insurance Co., a subsidiary of American General.
Mr. Guterman recently joined the firm from Salomon Brothers Asset Management, New York, where he was a fixed-income portfolio manager.
Alice T. Kane, also joined the firm as an executive vice president of investment management. She had been with New York Life for 25 years.
Ms. Kane expects that American General Investment should have its money management capabilities ready for outside institutional clients by the end of the year. Ultimately, mutual fund products for 401(k) plans will be ready sometime next year.