AIC Ltd. announced late yesterday the appointment of Jonathan Wellum to CEO, assuming the position previously held by owner Michael Lee-Chin who will continue in his role as AIC executive chairman.

At an evening gala commemorating the 20th anniversary of AIC, Lee-Chin announced that he will be stepping down as CEO effective immediately. In an address to staff, Lee Chin said “AIC has celebrated many successes over the past 20 years and we will continue to build on this momentum to become a global financial services company headquartered in Canada. I have every confidence that under Jonathan’s stewardship as chief executive officer, AIC will stay the course in creating long-term wealth for investors.”

Lee-Chin will continue in his role as executive chairman of AIC Ltd., as well as executive chairman of AIC’s sister companies: the Berkshire group of companies; National Commercial Bank of Jamaica (NCB); and Senvia Money Services.

“I will continue to work with the senior management teams at each company of which I am executive chairman in order to ensure continuity and long-term success”, said Lee-Chin.

Lee-Chin purchased AIC in 1987 and built its asset base from less than $1 million to nearly $9 billion. Under Lee-Chin, AIC purchased a 75% stake in NCB in 2002, which today is Jamaica’s largest bank.

Wellum joined AIC in 1990 and has worked closely with Lee-Chin in various executive capacities. He has been instrumental over the years in managing AIC’s flagship funds as well as expanding the company’s product and service offering by more than 30 funds.

In addition to assuming the duties of CEO, Wellum will also continue in his role as AIC’s chief investment officer. “Jonathan has shared in the vision, creation and growth of AIC. His appointment is a natural progression in the company’s future growth,” said Lee-Chin.

In his new role, Wellum will oversee the day to day operations of AIC.

“AIC investors can be assured of consistency in our investment approach through all markets, all cycles and for decades to come,” said Wellum.