AIM Funds Management Inc. unveiled numerous changes to its mutual funds yesterday, including 10 fund mergers and a change in management for its underperforming Trimark Enterprise Small Cap Fund.
In a news release, the Toronto-based mutual fund company said it has dropped C.A. Delaney Capital Management Inc. as manager for the $55-million Canadian small-capitalization equity fund. The fund, which has been managed by C.A. Delaney's Lynn Miller since June, 1999, had posted a three-year average drop of 29 per cent as of the end of February, well below its peer-group average slide of 5.2 per cent.
AIM Funds has brought management for the fund in-house, handing the reins to Keith Graham and Rob Mikalachki, who are portfolio managers for the Trimark Canadian Small Companies Fund. It will also cap the fund to new purchases, effective April 17.
AIM Funds said C.A. Delaney will remain subadviser for the $292-million Trimark Enterprise Fund.
The company said it will ask shareholders to vote on July 29 on a series of fund mergers that would see 10 AIM funds absorbed into other funds owned by the company.
The 10 funds are AIM Canadian Leaders Fund, AIM Global Aggresssive Growth Class, AIM RSP Global Aggressive Growth Fund, AIM Global Energy Class, AIM Dent Demographic Trends Class, AIM Dent Demographic Trends Fund, AIM Global Sector Managers Class, AIM RSP Global Sector Managers Fund, AIM Global Telecommunications Class, and AIM RSP Global Telecommunications Fund.
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