AIC Ltd. today announced several changes ot its line-up of mutual funds, including the departure of portfolio manager Peter Hofstra.

Pat Naccarato, vp and portfolio manager, will become the lead manager of AIC Diversified Science & Technology Fund and AIC Diversified Science & Technology Corporate Class, effective immediately.

The funds were previously managed by Peter Hofstra, a former vp and portfolio manager, who has since left AIC.

Hofstra also steps away from co-management responsibilities on AIC Value Fund, AIC World Equity Fund, and AIC Global Diversified Fund, along with their Corporate Class equivalents.

Naccarato is the lead manager of the AIC Value Fund, and AIC Value Corporate Class, and was recently named to a team responsible for the management of the AIC World Equity Fund and AIC Global Diversified Fund, along with their Corporate Class equivalents.

Fund name change

On April 14, AIC World Equity Fund will be renamed Copernican International Dividend Income Fund

“Previously, Copernican Capital Corp. products have only been accessible through TSX-listed closed-end funds. We were keen for Copernican to sponsor its first open-ended mutual fund and believe this change of name offers a great entry-point and should resonate well with investors seeking the type of differentiated offering this product provides”, says Chris Lowe, CEO of Copernican Capital and a senior vp and lead Portfolio Manager of AIC Investment Services Inc.

In conjunction with the name change, the fund will offer three new tax efficient classes of units. Class T6 and Class F-T6 units will have an initial targeted 6% annual distribution (based on initial issue price of $10). Class O-T7 Units will have an initial targeted 7% annual distribution (based on initial issue price of $10).

Fund mergers

In addition, AIC Limited also announced plans to merge two of its funds on May 30, subject to unit holder and regulatory approval.

AIC Global Premium Dividend Income Fund will be merged into AIC Global Diversified Fund.

Upon completion of the merger, AIC Global Diversified Fund will be renamed AIC Global Premium Dividend Income Fund.

To complete the merger AIC Global Diversified Fund will introduce Class T6 Units and Class F-T6 Units, into which units of the terminating fund will be exchanged.

As well, AIC World Equity Corporate Class will be merged into AIC Global Diversified Corporate Class.

Upon completion of the merger, AIC Global Diversified Corporate Class to be renamed AIC Global Premium Dividend Income Corporate Class

AIC says the investment strategies of AIC Global Diversified Fund and AIC Global Diversified Corporate Class will embrace world leading dividend paying companies and the investment strategy for Copernican International Dividend Income Fund will embrace world leading dividend paying companies based outside North America.