Aic's Performance Called Into Question

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Figures released two weeks ago by the Investment Funds Institute of Canada (IFIC) reveal that AIC suffered Cdn$304 million in net redemptions last month equating to just Cdn $10.66 billion in assets under management for the [Michael Lee Chin] lead company. In its heyday AIC had assets under management of $15.5 billion. According to the Canadian broadsheet, The Toronto Star this represented the single largest loss among all the fund companies listed on the IFIC.

Reputed mutual fund specialist Gordon Pape surmised "AIC has had a lot of problems. The company was one of four firms that settled market-timing allegations with the Ontario Securities Commission. But the fact is they started bleeding assets long before that happened. AIC which performed very well during much of the 1990s, somewhere simply lost it and was not able to deliver."

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Aic's Performance Called Into Question

THE RECENT performance of Canadian mutual fund company AIC headed by NCB's chairman Michael Lee Chin is the subject of intense scru...

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