Loyalist sells fund management arm

Loyalist Insurance Group Ltd. has sold its controlling stake in All-Canadian Management Inc. The buyers are existing ACMI shareholders Russell C. Boychuk and Harold A. Kent.Loyalist says proceeds from the sale will “be used to provide additional working capital and for general corporate purposes”, and the sale will allow it to focus on its core insurance business. No details of the sale terms were given, but it will close subject to regulatory approval.Loyalist had owned 60% of the mutual fund management company, which in the first three quarters of 2004 posted a gain of $380,000. Late last year, Loyalist announced its intention to discuss the possible sale of its stake in the firm to the shareholders.