InterUnion Financial Corp. has closed the sale of its 43% interest in InterUnion Asset Management Limited to AMIC Canada Ltd. for an undisclosed amount.

IUAM manages approximately US$1.5 billion for individuals and institutions through a number of investee companies all based in Canada: Leon Frazer, Black & Associates Limited, Guardian Timing Services Inc. and P.J. Doherty and Associates Co. Ltd.

In March 1999, InterUnion Financial Corporation sold a 56% interest in IUAM to Working Ventures Fund of Canada, a labour-sponsored fund, for $10 million.

AMIC Canada Ltd., which has purchased 100% of InterUnion Asset Management, is a subsidiary of Asset Management Investment Co. plc with headquarters in London, UK.

“One year after selling Credifinance, our investment banking subsidiary, we are pleased to announce the sale of our Canadian investment management interest. The cash generated by the sale will allow us to successfully pursue a number of opportunities in the next few months,” said Georges Benarroch, president of Inter-Union.