James Cole, senior vice-president and portfolio manager of AIC Ltd. has been appointed lead manager of AIC Canadian Balanced Fund.

Cole replaces chairman and CEO Micheal Lee-Chin as lead manager, while Lee-Chin will stay on as co-manager of the fund.

Cole is also the lead manager of AIC Canadian Focused Fund and remains on the management team of AIC Advantage Fund and AIC Advantage Fund II.

Cole joined AIC in February 2000 bringing almost 20 years of investment experience to AIC, as investment analyst and portfolio manager. He also served a three-year term as a director of the Toronto Society of Financial Analysts.

Launched in December 1997, as at June 30, 2002, the fund was invested in Canadian equities (approximately 50 % of portfolio), international equities (approximately 25 % of portfolio) and the balance in Canadian government and high quality corporate bonds and a cash reserve.

“There will be no change in the management style that guides AIC Canadian Balanced Fund,” said Cole. “We buy excellent businesses active in long- term growth industries and we hold them for the long term.” He added that the fund will continue its policy of annual distributions to unitholders.