J. Thomas Allen resigned as CEO and president of Advanced Investment Management, but will remain at the firm in a non-management, non-investing role during a transition period. William Belko, named CIO in early July, also will replace Mr. Allen as president and CEO. Mr. Allen founded the firm in 1987 as a subsidiary of Pittsburgh National Bank.
Mr. Allen said he takes full responsibility for the investment decisions he made at the end of last year and in the first six months of this year that led to some clients of the company's enhanced S&P 500 strategy terminating the firm.
