As part of a streamlining move, AIM Investments will close down eight of its most poorly performing mutual funds and merge them into other products.
The portfolios, which have combined assets of about $5.8 billion, include the AIM Balanced fund, the AIM Core Stock fund and the AIM Health Sciences fund.
AIM's parent, Atlanta-based Amvescap is a global money manager that has made moves to consolidate its operations in recent years after the bear market and trading scandal.
Last year, Amvescap shed Denver-based Invesco Funds Group by merging its offerings into sibling firm AIM. Invesco and AIM, which have witnessed billions of dollars in outflows, reached a $451 million agreement with regulators last year to settle allegations of improper trading.
AIM's latest clean-up is likely to lead to lower fees for investors, company spokesman David Bachert said.
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