AIC Ltd. has announced that as of Jan. 1, 2004, it will be severing its business relationship with the principals holding a minority interest in AIC Asset Management, LLC, (AAM) of San Francisco.

AIC says the office will be closed and the employment of all AAM employees will be terminated in early 2004.

Ron Elijah, CEO and member of AAM, says AIC merged AAM with San Francisco-based Elijah Asset Management LLC back in April 2002.

In the October 2002 issue of Investment Executive , Michael Lee-Chin, AIC chairman and CEO, referred to the AAM deal as part of a plan to build AIC’s business in the United States.