On August 12, 2009, AIC Limited and Manulife Financial Corporation announced that an agreement had been reached under which Elliott & Page Limited, a wholly owned subsidiary of Manulife Financial Corporation, would acquire AIC Limited's retail investment fund business. The transaction closed on September 25, 2009 for an undisclosed amount.
Manulife Mutual Funds now manages all of AIC Limited's mutual funds in Canada except for certain closed-end funds, which are still managed by AIC Limited. In connection with the transaction, Portland Investment Counsel Inc. (formerly AIC Investment Services Inc.) continues to act as a fund sub-advisor for certain Manulife Mutual Funds.
AIC Limited, which was acquired by Portland Holdings Inc. founder Michael Lee-Chin in 1987, has grown to become one of the nation's largest privately held mutual fund companies with assets under management of approximately $4 billion. The completion of the transaction has increased Manulife Financial Corporation's wealth management reach, with retail fund assets under management now approximately $13.7 billion across Canada.
AIC Limited was represented in-house by Vicky Edwards and Jennifer Mercanti and assisted by Borden Ladner Gervais LLP with a team that included Lynn McGrade, Alfred Page, Carol Derk, Donna Spagnolo, Steve Thomas, Habeeb Syed, Francesca Smirnakis and Andrew Bunston (securities and corporate); Larissa Tkachenko, Craig Webster and Daniel Lang (tax); Catherine Bray (real estate and financing); Colleen Spring Zimmerman (intellectual property) and Jeff Mitchell and Rob Weir (labour and employment). National Bank Financial Inc. acted as financial advisor to AIC.
Elliott & Page Limited and Manulife Financial Corporation were represented in-house by Clive Anderson and William Dawson and assisted by Osler, Hoskin & Harcourt LLP with a team led by Terrence Tone and including John Black, Jeremy Fraiberg, Lorraine Lynds, Ron Kugan and Justin Williams (securities and corporate); Kimberly Wharram (tax); Janet Lee (real estate and transitional services); Leigh Walters (intellectual property) and Jason Hanson (employment).