(May 11 – 18:00 ET) – Co-operators Mutual Funds Limited (CMFL) has agreed in principle to purchase A.I.L. Investment Services Inc. A.I.L. manages Associate Investors Limited, one of the oldest mutual funds in Canada. The purchase is subject to shareholder and regulatory approval which is expected to be received toward the end of July. Shareholders will also be asked to approve the conversion of Associate into a mutual fund trust.

Leon Frazer, Black & Associates Limited, one of Canada’s oldest investment counseling firms, will continue to act as investment advisor to Associate. George Frazer, president of Associate commented that “We are delighted to be associated with an organization with as much integrity and strength as that of The Co-operators, and believe that our investors will be well served by this relationship.”

David Hartman, president of CMFL, is excited about the prospect of bringing this venerable fund to The Co-operators. “This is a strong Canadian defensive equity fund which will give investors a solid base for their mutual fund portfolio.”