April 24, 2002
FOR IMMEDIATE RELEASE
Burlington (Ontario) - AIC Limited ("AIC") today announced that is has entered into an agreement to acquire through a wholly owned subsidiary 75 percent of San Francisco based Elijah Asset Management, LLC ("EAM") and its affiliated company, EAM Partners, LLC, subject to regulatory and other approvals and notices. Upon completion, the companies will be renamed "AIC Asset Management, LLC" and "AIC Asset Management Partners, LLC".
EAM has combined client assets under management of approximately US$280 million. EAM has managed the Canadian mutual fund, AIC Global Technology Fund, since its inception in June 2000 as well as the AIC Global Technology Corporate Class of AIC Corporate Fund Inc. These funds currently have combined assets under management of approximately $100 million (Canadian).
Portfolio managers, Ron Elijah and Rod Berry, and their portfolio management team will continue in their current positions and remain based in San Francisco, California.
Ron Elijah will continue as the Research Director and Chief Executive Officer. He began his career as a technology analyst with Montgomery Services in 1981. In 1985, Mr. Elijah joined Robertson Stephens & Company as a research analyst and became a partner in 1986. Mr. Elijah founded EAM in 1999.
Rod Berry will continue as the President and a member of EAM's management committee. Prior to joining EAM, Mr. Berry worked for USL Capital for six years as an investment officer and financial manager and subsequently served with Robertson Stephens Investment Management as a vice president and senior analyst.
"AIC's in-house portfolio management team continues to be strengthened with this alliance with the Elijah Asset Management portfolio team," said Michael Lee-Chin, Chairman and Chief Investment Officer of AIC. "In addition, we believe that EAM will provide AIC with a solid platform in the US market and will allow us to introduce AIC to the US market over time."
"I am excited about AIC becoming a majority equity owner of EAM", said Ron Elijah, CEO of Elijah Asset Management. "We have had a very good business relationship that dates back almost two years now. AIC's long term investment philosophy and deep research talent will be a great complement and help to our investment management team", continued Mr. Elijah. "There are many positives about AIC that I am excited about, but what particularly impresses me is Michael Lee-Chin's constant focus on long term investing and offering great client service."
On April 2, 2002, AIC announced that it had entered into an agreement to increase its ownership from 20 per cent to a total of 75 per cent of Mississauga, Ontario-based Georgian Capital Partners Inc., currently sub-advisor of the AIC Canadian mutual funds, AIC Diversified Canada Fund and AIC American Advantage Fund. Georgian Capital President Jonathan Wellum will continue to manage the two AIC Funds with assets under management of $4 billion (Canadian) and $610 million (Canadian), respectively.
AIC commenced operations in 1985 and has grown to become one of Canada's largest mutual fund companies with assets under management exceeding $15 billion (Canadian).
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Media Contact:
Terri Oswald
Director, Media Relations
AIC Limited, Burlington ON
(905) 331-4242, ext. 4345
1-888-710-4242, ext. 4345
toswald@aic.com
