The American Express Funds' board of directors has chosen to play musical chairs - in its own boardroom. The group will be welcoming six new board members, pending shareholder approval.

While changes to the funds' board were not initially prompted by challenges that the Minneapolis-based fund group has been experiencing - most notably shrinking assets and pallid performance - American Express decided to take advantage of natural attrition of its board to change the group's mandate and makeup. Two overriding concerns of the new board, which oversees all 78 funds in the American Express family, will be stemming asset outflows and improving performance for investors, according to the chairman of the board.

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