AIM Funds Management Inc. announced Thursday that Patrick Farmer is relinquishing his portfolio management duties on the Toronto-based fixed-income team effective May 31 to focus on his responsibilities as chief investment officer and executive vice president.

“This allows Patrick to fully concentrate on his expanded leadership position,” says Philip Taylor, president and CEO at AIM.

The funds Farmer will no longer participate in managing include: Trimark Interest Fund; Trimark Government Income Fund; Trimark Canadian Bond Fund; Trimark Advantage Bond Fund; Trimark U.S. Money Market Fund; Trimark Global High Yield Bond Fund; Trimark Income Growth Fund; Trimark Select Balanced Fund; Trimark Global Balanced Fund; and AIM Core Canadian Balanced Class.

Assuming the lead portfolio management role is 11-year industry veteran Rex Chong. Chong was hired by Trimark in 1996 and has worked closely as part of the fixed-income team. Chong has acted as lead portfolio manager of the Trimark Canadian Bond Fund, which was named “Best Canadian Income Fund” at the 2001 Canadian Mutual Fund Awards. The fixed-income team is also supported by portfolio manager Vince Hunt and investment analyst Anthony Imbesi.

“Rex has demonstrated that he has the talent to assume this leadership position. I am confident that the funds will be managed responsibly,” says Farmer.

In the chief investment officer role, Farmer oversees the Toronto-based portfolio management teams and is accountable for portfolio performance and risk management. Farmer also manages the relationships, monitors the performance and ensures compliance of AIM funds managed by other investment management units of parent company AMVESCAP.

Farmer began his investment career in 1985. He received an Honours BA in economics from the University of Western Ontario. He is also a Chartered Financial Analyst and a member of the Toronto Society of Financial Analysts and the Association for Investment Management and Research.

He has worked as an investment analyst for Ontario Municipal Employees Retirement System and was a portfolio manager for Crown Life Investment Management Inc. prior to joining Trimark in 1993. While at Trimark he headed up the fixed-income funds and built the team of portfolio managers.