AMERICAN EXPRESS HIRES LARGE-CAP GROWTH PORTFOLIO MANAGER
MINNEAPOLIS, August 23, 2004 -- American Express Financial Corporation, a unit of American Express Company (NYSE:AXP), today announced the hiring of Michael E. Nance as portfolio manager supporting large-cap growth portfolios in American Express' San Diego multi-cap growth investment office.
Nance will join the Growth Spectrum team in mid-September and will primarily be responsible for managing institutional and retail large-cap growth separate accounts working with senior portfolio manager Gordon Fines. As a member of the team, Nance will contribute investment ideas to additional portfolios, including AXP® New Dimensions Fund®, and will play a leadership role within American Express' asset management business.
The San Diego office is dedicated to growth investing. Portfolios managed in San Diego include the Growth Spectrum series for institutional clients and the following mutual funds: AXP® New Dimensions Fund®, AXP® Equity Select Fund, and AXP® Strategy Aggressive Fund.
Nance comes to American Express with more than 11 years experience in the financial services industry as a portfolio manager and analyst. Most recently, he worked for Putnam Investments in Boston where he was a senior portfolio manager, managing director and head of the Core Growth Equity Group managing institutional and retail portfolios.
“We're pleased to bring on board another talented investment professional,” said Ted Truscott, Chief Investment Officer. “Mike's hiring continues the work we've done to attract and retain outstanding investment talent.”
American Express manages U.S. equities from multiple investment locations across the country. Each equity office has a specific style of investing and/or capitalization focus and utilizes research dedicated to the portfolios managed at that location. U.S. equity offices include Boston; Cambridge, Mass.; New York; Minneapolis; and San Diego. In addition, Threadneedle International Limited, American Express' international investment platform, manages global equities from its headquarters in London.
American Express manages its U.S. investment operations from American Express Financial Corporation headquarters in Minneapolis. The company owns and manages more than $300 billion in assets for individuals and institutions through more than 100 investment, insurance and savings products it manufactures and services.
American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking.
Registered investments and financial planning services are offered through American Express Financial Advisors Inc., Member NASD. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer.
You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. For a free copy of the fund's prospectus, which contains this and other information, call 1-800-AXP-FUND. Read the prospectus carefully before you invest.
