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.

Bauer served in the U.S. Navy as a pilot during World War II with a rank of Lieutenant Senior Grade. His success in the mutual fund business afforded him the opportunity to make generous donations to endowed scholarships at numerous Texas schools and his alma mater Harvard University.

He also founded The Ruth and Ted Bauer Family Foundation, which has made significant contributions to education throughout the United States. The charity group was best known for its efforts to advance the education of Hispanic children and their parents within the Houston school system.

Bauer is survived by his wife, Ruth Brouse Bauer, and three children, Janet Bauer Hartman, Theodore Wingate Bauer and Charles Douglas Bauer. He also leaves behind three grandchildren and scores of friends who affectionately nicknamed him "Bones." Bones was known for his lively spirit, wry sense of humor and unwavering devotion to family and friends.

Funeral services have yet to be determined.

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