AIC Limited today announced that Chicago-based Ariel Capital Management, LLC has been appointed as sub-advisor for the AIC American Focused Fund and AIC American Focused Corporate Class.

The funds invest primarily in a select number of U.S. equities. They have combined assets under management of $697.6 million. The management fee of the funds will remain unchanged.

The funds were launched in 1999 and, since 2005, were managed by James Cole, senior vp and portfolio manager AIC Investment Services Inc. who will continue to act as portfolio manager for AIC Canadian Focused Fund, AIC Canadian Focused Corporate Class, AIC Dividend Income Fund, AIC Canadian Balanced Fund and AIC Canadian Balanced Corporate Class.

“Our relationship with Ariel dates back to February 2006 when Ariel agreed to sub-advise the AIC PPC US Small to Mid-Cap Pool,” says Jonathan Wellum, CEO and chief Investment officer, AIC. “Ariel is particularly highly regarded in the focused U.S. equity fund space and AIC American Focused Fund is a perfect fit for their expertise.”

“The change in fund management also provides AIC’s in-house investment team and fund manager James Cole an increased opportunity to oversee certain Canadian, income and balanced mandates,” Wellum adds.

“I’ve met the Ariel team and have great respect for John Rogers, Charles Bobrinskoy and others on the Ariel team who will now oversee the AIC American Focused Fund,” says Cole.

Ariel is a Chicago-based value investing firm founded by John W. Rogers, Jr. in 1983.

“AIC and Ariel share a common approach disciplined investing methodology and that’s why we are particularly pleased to be strengthening our relationship further,” says Rogers.

The team at Ariel will be led by Charles Bobrinskoy and Tim Fidler. Bobrinskoy manages Ariel’s investment and trading teams and also serves as the firm’s director of research. Additionally, he is a co-portfolio manager, along with Tim Fidler, of Ariel Focus Fund, a concentrated portfolio investing in mid-to-large cap companies.