AIC Ltd. announced Monday that new AIC Segregated Fund policies, issued by Transamerica Life Canada, will no longer be available effective June 30.

Current contractholders of AIC Segregated Funds, however, may continue to purchase additional units of their existing AIC Segregated Funds.

“AIC Segregated Funds were launched in 1998 and, to date, we have approximately $220 million in assets under management,” said Jonathan Wellum, AIC’s chief investment officer. “Over the past five years, turmoil in the equity markets coupled with changing consumer preferences have resulted in relatively flat sales of AIC Segregated Funds. We have seen AIC investors continue to choose our core equity funds as well as our new high net worth products.”

AIC Segregated Funds are offered with a 75% guarantee of principal at death and maturity or a 100% guarantee of principal at death and maturity (less proportionate market value reductions for withdrawals and fees).

Existing contractholders of AIC Segregated Funds can purchase additional units of any AIC Segregated Fund within the current fund family available to them. Current contractholders will also continue to have the ability to switch to any AIC Segregated Fund that they currently have access to within their policies.

AIC will retain responsibility for administration, accounting and management services of the AIC Segregated Funds. There will be no tax implications or changes to fund guarantee values for existing policyholders.