Aug 12, 2009
AIC’s Canadian Retail Investment Fund Business Being Sold To Manulife
Today, Jamaican-Canadian billionaire Michael Lee-Chin, agreed to sell AIC’s Canadian retail investment fund business to Canada’s largest insurer, Manulife Financial Corp. Under the deal, for which a price-tag is yet to be revealed, Manulife Mutual Funds will control all AIC funds in Canada. AIC will continue to perform in the capacity of fund sub-adviser for Manulife Mutual Funds. If the deal is approved, MFC’s mutual funds under management will increase 38% to approximately CAD 13.7B (USD 12.5B).