Fund industry veteran and philanthropist Charles "Ted" Bauer, co-founder and retired chairman of AIM Management Group, passed away Monday following a sustained illness. He was 85.

Bauer co-founded AIM Management Group in 1976 and spearheaded its ascent to becoming the seventh-largest mutual fund company in the world. Today, AIM has more than $148 billion in assets under management. He served as chairman of AIM Funds until September 2000, chairman of AIM Management until September 2000 and president of the AIM Foundation until his death.

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