Amex Creates Global Hedge Fund of Funds Platform

February 3, 2004 ( - American Express Financial Corporation is merging American Express Bank and American Express Financial Corporation's fund of hedge funds businesses.

The resulting global fund of hedge funds platform has total assets under management in excess of $1 billion, according to a news release.

The new entity is led by Sam Perruchoud, senior director, based in Geneva, Switzerland. Perruchoud reports to Ted Truscott, chief investment officer, American Express Financial Corporation.

The fund of hedge funds business will continue to operate out of Geneva, Minneapolis and New York, American Express said. Peter Slattery, portfolio manager, will continue his management responsibilities, reporting to Perruchoud.

The combined businesses are expected to have greater alignment and expansion of research coverage, improved risk management and an integrated product development and management, according to the announcement.