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.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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