Ray Cunningham, COO of AIM Investments, and Tom Kolbe, senior account executive, both left the firm today, said David Bachert, company spokesman. He would not elaborate, and referred to the two executives' lawyers questions about whether their departures were tied to SEC probes of their alleged involvement in market-timing arrangements. Neither lawyer was immediately available for comment. Mr. Bachert said his company has no announcement to make "at this time" about replacements for the two men.
Also, Timothy Miller left INVESCO Institutional, where he was lead manager of the $3.5 billion INVESCO Dynamics Fund and the INVESCO Mid-Cap Growth Fund. He reportedly was also under scrutiny in the SEC's market-timing investigation. Mr. Miller and co-manager Michelle Espelien Fenton were replaced by portfolio managers Paul Rasplicka and Michael Chapman. The two men are expected to reduce the funds' large-cap equity exposure.
AMVESCAP PLC owns both INVESCO and AIM.
