Toronto-based AIP Asset Management Inc., as the manager of AIP Global Macro Class and AIP Canadian Enhanced Income Class, each a corporate class of AIP Mutual Funds Corp., last week announced its intention to wind-up and terminate the funds on or about Jan. 11, 2019.
AIP has proposed to terminate the funds due to changing mutual funds environment making small funds more difficult to operate, the company says in a news release. It has managed the funds since March 2016.
AIP says it will continue to run its hedge fund, AIP Global Macro Fund LP, and grow its separately managed accounts platform business across Canada.
The fund terminations are subject to certain steps including the approval by each of the fund’s shareholders at a special meeting to be held on Dec. 27.
Shares of the funds will no longer be available for new purchases effective as of 4 p.m. ET on Nov. 9. This includes purchases through regular investment plans
About AIP Asset Management Inc.