Larry Sarbit, lead manager of AIC Ltd.’s $1.6-billion American Focused Fund, has resigned from the Burlington, Ont.-based fund company, ending a five-and-a-half-year role at the firm.

Sarbit, who held the title of executive vice president and portfolio manager, said he was leaving AIC effective April 27, but would not give any reason for the decision, nor would he say if he would be joining another money management firm.

AIC said in a release late Monday that Sarbit was leaving “to pursue other opportunities.”

The company said that James Cole has been appointed lead manager of American Focused Fund, AIC American Focused Corporate Class and AIC American Focused Plus Fund, all managed by Sarbit.

“Change always creates opportunity as is the case for these AIC Funds,” Michael Lee-Chin, AIC’s chairman and CEO, said in a statement. “I have every confidence in James’ ability to lead the Funds based on his strong performances with his other responsibilities at AIC. Larry Sarbit was a member of the portfolio management team and we wish him the best in his future endeavours.”

Cole, senior vice president and portfolio manager, joined AIC in February 2000 and has almost 22 years of investment experience including 13 years as a portfolio manager specializing in Canadian and U.S. equities, AIC said.

James has been lead portfolio manager since the inception in August 2000 of AIC Canadian Focused Fund. He was appointed lead manager of AIC Canadian Balanced Fund in September 2002 and has been lead manager of AIC Dividend Income Fund since its inception in September 2004.