Portland Investment Counsel Inc.

Portland Investment Counsel Inc.

September 25, 2009 11:10 ET

Portland Investment Counsel Announces Sub-Advisory Agreement and Fund Changes

BURLINGTON, ONTARIO--(Marketwire - Sept. 25, 2009) - Portland Investment Counsel Inc. today announced the establishment of its official name, and further announced the completion of a sub-advisory arrangement with Manulife Financial Corporation as well as plans to terminate a select number of closed-end funds.

Name Change

In tandem with Manulife Financial's announcement regarding completion of the transaction to purchase AIC's Canadian retail investment fund business, AIC Investment Services Inc. has officially changed its name and will commence operations as Portland Investment Counsel Inc. effective today.

Sub-Advisory Arrangement

Portland Investment Counsel Inc. will now act as sub-advisor to the following Manulife Mutual Funds:

- AIC Advantage Fund

- AIC Advantage Fund II

- AIC American Advantage Fund

- AIC Global Advantage Fund

- AIC Diversified Canada Fund

- AIC Canadian Focused Fund

- AIC Global Wealth Management Fund

- AIC Preferred Income Fund

- AIC Advantage II Corporate Class

- AIC American Advantage Corporate Class

- AIC Global Advantage Corporate Class

- AIC Diversified Canada Corporate Class

- AIC Canadian Focused Corporate Class

- AIC Diversified Canada Segregated Fund (75% & 100% Guarantee)

- AIC Global Financial Split Corp.

- Copernican World Financial Infrastructure Trust

- Copernican World Banks Split Inc.

- Copernican International Financial Split Corp.

Terminating Funds

Following securityholder meetings, Portland Investment Counsel also announced plans to terminate the following closed end funds

- Global Banks Premium Income Trust

- International Financial Income and Growth Trust

- Copernican World Banks Income and Growth Trust

- Copernican International Premium Dividend Fund

- Copernican British Banks Fund

- European Premium Dividend Fund

About Portland Investment Counsel

Committed to the principles of disciplined long-term value investing, Portland Investment Counsel Inc. provides investment advisory and portfolio management services and products to individual private clients and to institutional investors across Canada, the U.S. and Caribbean, including foundations, universities and pension funds. With roots dating back to 1987, Portland Investment Counsel offers customized portfolios drawing on expertise in equity and fixed income management. In addition to this, Portland Investment Counsel currently sub-advises a number of third-party retail and closed-end mutual funds in Canada.

Contact Information

  • Portland Investment Counsel Inc.
    Terri Oswald / Mickey Falcone