AIC Limited was a Canadian

mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV i ...

company which commenced operations in 1985, as Total Finance. AIC was purchased in 1987, by

Michael Lee-Chin Michael Lee-Chin, (born 3 January 1951) is a Jamaican-Canadian billionaire businessman, and philanthropist and the chairman and CEO of Portland Holdings Inc, a privately held investment company in Ontario, Canada. Lee-Chin was appointed to th ...

Chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

. In May 2008, the company's total assets under management was just over $5.6 billio
IFIC
numbers. In October 2006, Jonathan Wellum was appointed

Chief Executive Officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. AIC was acquired by Manulife in 2009.http://www.manulife.com/public/news/detail/0,,lang=en&artId=145541&navId=630002,00.html AIC specialized in the financial services sector and is a strong believer in the use of

leverage Leverage or leveraged may refer to: *Leverage (mechanics), mechanical advantage achieved by using a lever * ''Leverage'' (album), a 2012 album by Lyriel *Leverage (dance), a type of dance connection *Leverage (finance), using given resources to ...

, they coined the term "upvest" to try to remove some of the stigma associated with the term leverage. The firms motto was "Buy, Hold and Prosper", and reflects a belief in purchasing value stocks and holding them for the long term. AIC also had a series of

closed-end fund A closed-end fund (CEF) is a fund that raises capital by issuing a fixed number of shares which are not redeemable, and then invest that capital in financial assets such as stocks and bonds. Unlike open-end funds, new shares in a closed-end fund ...

s under the Copernican Capital banner.

References

External links

Official site

Official upvest site

Closed ended funds site

- October 8, 2006 (Jamaica Gleaner Newspaper) Mutual fund companies of Canada Financial services companies established in 1985 1985 establishments in Canada {{finance-company-stub

See also

References

External links