In a move intended to reposition its proprietary funds within its network of 11,000 advisers, American Express Financial Corp. is relocating a significant part of its investment management business outside of its Minneapolis headquarters and will open a new office in Boston.

The firm has hired three portfolio managers away from Fidelity Investments to run the new Boston location, which will specialize in equity investing. Douglas Chase, Robert Ewing and Nick Thakore were snatched from Fidelity to oversee several of the firm's domestic large-cap equity funds. The team will take over the management of about $12 billion in assets in April.

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