AIC Limited

AIC Limited

March 22, 2007 10:00 ET

AIC Limited and Copernican Capital Corp. Select Citi to Provide a Suite of Securities Services

BURLINGTON, ONTARIO--(CCNMatthews - March 21, 2007) - AIC Limited and Copernican Capital Corp. today announced that they have selected Citi to provide fund accounting services for their investment funds. This arrangement will permit AIC Limited and Copernican Capital Corp. to concentrate on their core competencies to benefit investors. In addition to fund accounting, Citi, AIC Limited and Copernican Capital Corp. have reached tentative agreement on the provision of a suite of securities services, including custody and securities lending.

As part of this agreement, approximately 40 AIC Limited professionals will become employees of Citigroup Fund Services Canada, Inc., a division of Citi's Global Transaction Services business, and Citi will lease space in AIC Limited's office complex in Burlington to supplement its current facilities to accommodate growth for fund services in Canada.

"This agreement with Citi is a prime opportunity for us to partner with a global financial services firm with a highly respected reputation and long history of service excellence in the Canadian marketplace," says Jonathan Wellum, Chief Executive Officer of AIC Limited and Chairman of Copernican Capital Corp. "For over ten years, we've licensed Citi's proprietary Unitrax ® system for transfer agency services. During that time, we've come to recognize and appreciate not only its technological capabilities but, more importantly, its client-centric focus. By outsourcing the fund accounting function to Citi, we can now concentrate on what we do best: delivering tax efficient, above-average returns over the long run to investors who choose our Funds. At the same time, this agreement will reduce costs for investors and provide our fund accounting staff with a remarkable career opportunity to join a global leader in fund services."

AIC commenced operations in 1985 and has grown to become one of Canada's largest privately-held mutual fund companies with assets under management exceeding $8 billion.

Contact Information

  • AIC Limited, Burlington ON
    Terri Oswald
    Director, Media Relations
    (905) 331-4242, ext. 4345 or 1-888-710-4242, ext. 4345