AIC Limited today announced that International Financial Income and Growth Trust has completed its initial public offering for gross proceeds of $25 million.

The trust has granted the agents an over-allotment option to acquire up to 375,000 Units, which is exercisable at any time during the next 30 days.

The units began trading today on the Toronto Stock Exchange under the symbol FIT.UN.

AIC Investment Services Inc. is the investment manager of the trust.

AIC says the trust provides investors with an opportunity to invest in some of the world’s leading retail bank, life insurance and investment management financial service companies based outside North America and that the investment manager believes have both attractive dividend yields and strong earnings growth momentum.

The closed-end trust’s investment objectives are:

  1. to provide unitholders with monthly cash distributions targeted to be 5.833¢ per unit or 70¢ per unit per year, representing a yield of 7.0% on the offering price $25; and
  2. to return at least the offering price to unitholders upon the termination of the rust on August 31, 2012.

The offering was made through a syndicate of agents, co-led by CIBC World Markets Inc., RBC Dominion Securities Inc., and Scotia Capital Inc., and included TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Berkshire Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., Bieber Securities Inc., Dundee Securities Corp., First Associates Investments Inc., Raymond James Ltd., Richardson Partners Financial Limited and Wellington West Capital Inc.