(June 21 – 10:55 ET) – Star portfolio manager Derek Webb has resigned from AIM Fund Management Inc.
The Globe and Mail broke the story of Webb’s resignation from AIM where he has been running four funds, including the firm’s flagship Canadian equity fund the AIM Canada Growth Class. He also works for several funds for AIM’s Houston-based parent company.
The Houston office confirms Webb’s resignation says, “We expect to have an announcement on the new management teams at AIM within the next 24 hours.”
Webb’s momentum style has been in vogue in recent years, powering the AIM Canada Growth to a 50% return for the year ended May 31.
San Francisco-based Webb is likely to be replaced by Houston-based Clas Olsson on the AIM Canada Growth fund.
AIM is of course in the midst of some turmoil as it focuses on its proposed $2.7 billion acquisition of Trimark Financial Corp.
Rumours, and the Globe story, suggest that Webb is heading to rival C.I. Fund Management Inc. AIM and C.I., along with Fidelity Investments Canada Ltd. have been the top-selling firms over the past year and the battle for assets in intensifying.
C.I. likely makes an attractive home for Webb, who is said to want more autonomy, as it basically operates as a manager of managers, allowing a great deal of freedom to the funds it operates.
Webb started on Wall Street in 1983 with Brown Brothers Harriman, later moving to Salomon Brothers, and in 1992 he joined INVESCO (NY) Inc. AIM and Invesco later merged to form Amvescap plc, AIM’s London, U.K.-based parent company.
-James Langton