Jonathan Wellum, AIC Ltd.’s CEO and chief investment officer, will assume portfolio management responsibilities on AIC Value Fund, effective immediately, the company said Thursday.

The Corporate Class version of the fund will also be managed by Wellum. Working closely with him will be AIC’s Financial Services Team which includes, Christopher Lowe, Greg Placidi and James Dancy.

Wellum is currently co-manager of AIC American Advantage Fund focusing on U.S. based financial services companies, and has been the portfolio manager on the AIC Value Fund previously.

These funds were previously managed by Pat Naccarato, a former vp and portfolio manager, who left AIC effective March 12, to join the Canada Pension Plan Investment Board.

Further to his departure, Naccarato also steps away from co-management responsibilities on AIC Global Premium Dividend Income Fund, Copernican International Dividend Income Fund and AIC Global Premium Dividend Income Corporate Class.

Prior to joining AIC, Naccarato was managed funds for Phillips, Hager & North.

“We thank Pat for his service to AIC over the past three years,” said Wellum. “Going forward, investors in the AIC Value Fund can remain confident that the Fund will continue to be managed within a value investing framework as it has been since its inception 19 years ago.”

IE