Toronto-based Counsel Portfolio Services Inc. Wednesday announced the appointment of Mount Lucas Management LP as the sub-advisor for Counsel U.S. Value.

The appointment of Newtown, Penn.-based Mount Lucas will be effective May 30.

Counsel U.S. Value is an underlying fund to Counsel Conservative Portfolio, Counsel Regular Pay Portfolio, Counsel Balanced Portfolio, Counsel Growth Portfolio, Counsel All Equity Portfolio, Counsel Managed Portfolio and Counsel World Managed Portfolio.

Counsel Portfolio Services is a direct subsidiary of IPC Portfolio Services Inc., which is an indirect subsidiary of Investment Planning Counsel Inc.