Two Mutual Fund Officials Quit Bank One
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Bank One Corp. on Wednesday said its mutual fund chief and another fund executive had left the company, as the bank investigated whether it had permitted improper fund trading.
Mark Beeson, who ran the Chicago-based bank’s $102.5-billion One Group funds unit, and John AbuNassar, who ran the institutional asset management group, left the company, according to memos to employees.
Chief Executive Jamie Dimon asked David Kundert, who has run the bank’s investment management group, to replace Beeson. Managing director Norm Cook will succeed AbuNassar.
New York Atty. Gen. Eliot Spitzer has accused Bank One and three other fund groups of helping hedge fund Canary Capital Partners engage in improper “market timing” or after-hours trading of fund shares.
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