Mutual fund industry sources speculate that Michael Lee-Chin's AIC Ltd. could be available for sale or a potential merger.
The Globe and Mail reports that three independent Canadian mutual fund firms are potential targets for consolidation. AGF Management Ltd., Michael Lee-Chin's AIC Ltd. and CI Fund are at the center of industry speculation.
Lacklustre growth and increased competition have left some firms struggling to end unit holders cashing out and are contemplating potential deals, a number of industry sources said.
The article goes on to say that Mr.Lee-Chin, AIC's chairman and chief executive officer, has been distracted by AIC's sister company Berkshire Group of Companies other interests, including Jamaican banking. AIC has lost a handful of key managers, it's assets under management has declined from more than $14-billion to about $12-billion and fund performance has suffered.
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