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Manulife is bulking up their retail fund business by officially closing the deal on its purchase of AIC’s Canadian retail investment fund business.

Manulife will become the manager of AIC funds in Canada and Portland Investment Counsel will continue as a fund sub-advisor.

“This is an excellent fit for Manulife and AIC Limited,” said Paul Rooney, president and CEO, Manulife Canada. “When coupled with Manulife’s solid wealth management services, this transaction strengthens our previously deep product line-up that meets the needs of investors and their advisors.”

By January 11, 2010, Ariel Investments will no longer act as sub-advisor for the AIC American Small to Mid Cap Fund, AIC American Focused Fund and AIC American Focused Corporate Class and Loomis Sayles will no longer act as sub-advisor for the AIC Global Fixed Income Fund. MFC Global Investment Management will retain sole responsibility for portfolio management of those funds.

Holders of AIC open-end mutual fund trust and corporate funds had voted in favour of the previously announced takeover of these mandates by Manulife mutual funds.

Investors in AIC’s closed-end corporate funds had voted in favour a change of manager to Manulife Mutual Funds.

Investors in the Copernican World Financial Infrastructure Trust have also voted in favour of the Manulife takeover of the mandate. All of AIC’s other close-end trust funds will be terminated, a move approved by their respective unit holders.

It is anticipated that the Manulife takeover will be completed on or about September 25, 2009.

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TD ends Emerald Treasury Fund

TD’s Emerald Canadian Treasury Management – Financial Institution Fund is no more.

Investor class units of the TD Emerald Canadian Treasury Management Fund, TD Emerald Canadian Treasury Management and TD Emerald U.S. Dollar Treasury Management Fund will also be eliminated.

As of today, the TD Emerald Canadian Treasury Management – Financial Institution Fund will cease offering units for purchase. On November 25, the TD Emerald Canadian Treasury Management Financial – Institution Fund and the Investor Class of the Remaining Funds will end. Institutional Class Units of the TD Emerald Canadian Treasury Management Fund, TD Emerald Canadian Treasury Management – Government of Canada Fund and TD Emerald U.S. Dollar Treasury Management Fund will continue to be available for purchase.

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More time for CIA submissions

The Canadian Investment Awards has extended the deadline for all submission-based awards until October 15, 2009.

“We have received many requests to extend the submission deadline and are happy to announce we have been able to accommodate with a new deadline,” says Sabine Steinbrecher, president of Canadian Investment Awards Inc.

Complete award and submission information is available here.

The winners will be announced at the Canadian Investment Awards Gala held on December 2 at the Fairmont Royal York in Toronto.

(09/25/09)