AIC announced on Friday that it plans to consolidate and rename a number of funds, in an effort to streamline its product offering.

Subject to regulatory and securityholder approval and Independent Review Committee (IRC) recommendation, these proposed changes will become effective on December 15.

In addition, AIC announced a strategy change for AIC Global Balanced Fund which will be effective December 22.

“In recent years AIC has partnered with a number of leading value investing firms in North America to launch new and unique products into the Canadian marketplace including funds focusing on global infrastructure and real estate,” says Jonathan Wellum, AIC’s CEO and chief investment officer.

“These new AIC Funds have been well received by advisors and investors across Canada. Now with value partners such as U.S.-based Third Avenue Management; Ariel Investments; Brookfield Redding and Loomis Sayles on board, we’ve also had the opportunity to create some distinct wrap portfolios for those value investors seeking long-term performance with reduced volatility. These new Value Leaders Portfolios have presented an ideal opportunity for AIC to streamline its overall product line-up,” Wellum adds.

If approved, the terminating will merge into the continuing funds as follows:

> AIC Diversified Income Portfolio Fund will merge into Value Leaders Income Portfolio;

> AIC Balanced Income Portfolio Fund will merge into Value Leaders Balanced Income Portfolio;

> AIC Balanced Growth Portfolio Fund will merge into Value Leaders Balanced Growth Portfolio;

> AIC Core Growth Portfolio Fund will merge intoValue Leaders Growth Portfolio;

> AIC Diversified Science & Technology Fund will merge into AIC Value Fund;

> AIC Diversified Science & Technology Corporate Class will merge into AIC Value Corporate Class

> AIC Global Banks Fund will merge into AIC Global Advantage Fund;

> AIC Global Insurance Fund will merge into AIC Global Advantage Fund;

> AIC PPC Balanced Income Portfolio Pool will merge into Value Leaders Balanced Income Portfolio;

> AIC PPC Balanced Growth Portfolio Pool will merge into Value Leaders Balanced Growth Portfolio;

> AIC PPC Core Growth Portfolio Pool will merge into Value Leaders Growth Portfolio;

> AIC Private Portfolio Counsel Global Pool will merge into AIC Global Premium Dividend Income Fund;

> AIC World Financial Infrastructure Income and Growth Fund will merge into AIC Global Wealth Management Fund; and

> AIC Private Portfolio Counsel Bond Pool will merge into AIC Bond Fund Fund.

AIC also plans to rename three funds on December 15, 2008. The three funds which were part of the Private Portfolio Counsel (PPC) fund family are now being rebranded as part of the AIC Trust fund family. While the names have changed, there is no change to the following funds; investment managers or their underlying investment objectives:

> AIC Private Portfolio Counsel Canadian Pool to be renamed AIC Canadian Equity Fund;

> AIC Private Portfolio Counsel Global Fixed Income Pool to be renamed AIC Global Fixed Income Fund; and

> AIC Private Portfolio Counsel U.S. Small to Mid Cap Pool to be renamed AIC American Small to Mid Cap Fund.

AIC also announced that effective Dec. 22, 2008, the investment strategy of AIC Global Balanced Fund will be changed to enable the fund to invest up to 30% of its net assets in AIC Private Portfolio Counsel Global Fixed Income Pool (to be renamed AIC Global Fixed Income Fund). Boston-based Loomis Sayles & Company is sub-advisor to the AIC Global Fixed Income Fund.