The Michael Lee Chin owned AIC Global Holdings has sold one of its
subsidiaries, AIC Limited, to one of the largest insurers in North America,
Manulife Financial Corporation.
Both companies said in a statement that Manulife Mutual Funds will manage all AIC funds in Canada.
AIC Barbados owns the majority of shares in Jamaica's National Commercial Bank (NCB) and observers had initially wondered if the bank was part of the deal.
"There'll be no impact on NCB. AIC Barbados is a sister company of AIC Limited and NCB is owned by AIC Barbados and basically, this transaction has nothing to do with AIC Barbados," said Robert Almeida, Senior executive of AIC Global Holdings.
The cost of the deal has not been disclosed.
Mr. Lee Chin, AIC's Executive Chairman said the sale reflects the company's strategy to return to its roots of managing money and concentrating on investment advisory services.
The billionaire was ranked 16th in the country on Canadian Business Magazine's "Rich 100" list, with a net worth of just over C$2 billion at the end of 2008.
Both companies said in a statement that Manulife Mutual Funds will manage all AIC funds in Canada.
AIC Barbados owns the majority of shares in Jamaica's National Commercial Bank (NCB) and observers had initially wondered if the bank was part of the deal.
"There'll be no impact on NCB. AIC Barbados is a sister company of AIC Limited and NCB is owned by AIC Barbados and basically, this transaction has nothing to do with AIC Barbados," said Robert Almeida, Senior executive of AIC Global Holdings.
The cost of the deal has not been disclosed.
Mr. Lee Chin, AIC's Executive Chairman said the sale reflects the company's strategy to return to its roots of managing money and concentrating on investment advisory services.
The billionaire was ranked 16th in the country on Canadian Business Magazine's "Rich 100" list, with a net worth of just over C$2 billion at the end of 2008.
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