CaribWorldNews, TORONTO, Canada, Weds. Aug. 13, 2009: Manulife Financial yesterday announced it has acquired AIC`s Canadian retail investment fund business, the company stated by Jamaican Michael Lee Chin.
Under the agreement, Manulife Mutual Funds would manage all AIC funds in Canada and AIC would continue to act as a fund sub-advisor for Manulife Mutual Funds.
`This is a great fit for Manulife and AIC Limited,` said Paul Rooney, President and Chief Executive Officer, Manulife Canada. `When coupled with Manulife`s solid wealth management services, this agreement will strengthen our already strong product line-up that meets the needs of investors and their advisors.`
Michael Lee-Chin, Executive Chairman of AIC Limited, added: `This sale reflects our overall strategy to return to our roots of managing money and concentrate on our investment advisory services. We are committed to ensuring our clients continue to receive high-quality service and are very pleased that Manulife Financial is the purchaser of our retail fund business, since they share our passion for providing advisors and clients with a broad array of products and services.`
Once complete, the acquisition of AIC funds by Manulife will create significant scale and presence in the retail investment fund market. Overall retail fund assets under management for Canadians would grow to approximately $13.7 billion, a company statement said.
The transaction is subject to regulatory and stock exchange approvals and certain fund unit holder approvals.
AIC commenced operations in 1985 and has grown to become one of Canada`s largest privately-held mutual fund companies, with mutual fund assets under management
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners.