Aimia has completed the acquisition of Mittleman Brothers, the parent company of investment adviser Mittleman Investment Management (MIM).

MIM focuses on providing discretionary portfolio management to institutional investors and high-net-worth individuals.

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As part of the deal, Phil Mittleman will now serve as the CEO of Aimia. Chris Mittleman will assume the responsibility of the chief investment officer.

Aimia chairman Charles Frischer said: “I am delighted to announce the closing of the Mittleman Brothers transaction which will serve as a solid platform for the company to execute its new strategy as an investment holding company.

“We welcome Chris to the board and leadership team and look forward to benefitting from his extensive experience and expertise in managing the company’s investments to create lasting value for all stakeholders.”

As an investment holding company, Aimia focuses on making long-term investments in public and private companies globally.

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It also has an investment advisory business through its wholly-owned subsidiary Mittleman Brothers.

Recently, the company appointed Michael Lehmann as the president of Aimia.

Lehmann has been associated with the investment industry for more than 25 years and served as partner and portfolio manager at Third Avenue Management for more than 18 years.

Lehmann said: “The establishment of the ‘new’ Aimia as an investment holding company is a tremendous opportunity to deliver significant net asset value appreciation for the stakeholders at Aimia.

“I am incredibly proud and fortunate to join this management team and continue to execute our strategy for many years to come.”