AIM Trimark reshuffles as Kanko departs

(May 3, 2004) Veteran fund manager Bill Kanko has resigned from AIM Trimark, a move that will affect two of the company’s largest funds. Kanko was the lead manager on the $3 billion Trimark Fund and the $6 billion Trimark Select Growth Fund.

“While I’ve decided to take some time off before pursuing the next phase of my career, I do regret leaving such a fine group of investment professionals. It has been a privilege to work with and learn from some of the best portfolio managers in the country,” said Kanko. “I can assure unitholders that their money remains in very capable hands.”

Under Kanko, the two funds were managed by a single four-person team. Now, they’ll be managed by two separate two-person teams. Tye Bousada will become lead manager of the Trimark Fund, joined by Dana Love. Richard Jenkins will be responsible for the Trimark Select Growth Fund, with Judith Adams.

“Bousada, Jenkins and Adams are all high-quality portfolio managers with good experience on the funds, so the transition will be smooth,” says AIM Trimark chief investment officer and executive vice-president Patrick Farmer.

Independent fund industry analyst Dan Hallett says he’s not concerned about Kanko’s departure as it relates to AIM Trimark, noting the firm has lots of depth and experience among both the analyst and portfolio manager ranks.

“They have more analysts than they used to have and more senior portfolio managers than they used to,” Hallett says. “In other words, as with Keith Graham’s departure last year, the firm already has the internal resources in place to fill the void left by Kanko’s departure.”

“While I’d like more information on why Kanko is leaving and what he plans to do, I’m not worried,” Hallett adds. “Trimark Fund and Select Growth remain recommended funds as of today.”

Kanko joined Trimark nearly 20 years ago, working with the firm’s investment management team from 1985 to 1994. He left to form his own firm and spent some time with Mackenzie Financial before hooking up with Trimark again in 1999.

Under the terms of his contract, Kanko will be forced to take a four-month leave of absence from the industry. “He is not leaving us to go to a competitor,” Farmer told Morningstar Canada’s Web site. “I would hazard a guess he would try to do something on his own.”

Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com