TORONTO, Nov. 4, 2011 /CNW/ - IA Clarington Investments Inc. ("IA
Clarington") today announced that it is closing the IA Clarington
Target Click 2015 Fund (the "Fund") to new sales effective 4 p.m. ET on
November 11, 2011.
IA Clarington Target Click Funds are global balanced funds that
guarantee their highest month-end value at maturity. As each Target
Click Fund approaches its respective maturity date, its allocation to
fixed income increases and its allocation to equities is reduced. This
natural change in the funds allocation is carried out to protect
clients as the Funds near their maturity.
"Since their inception, the Target Click Funds have provided investors
with a unique combination of growth and security, two things which are
highly sought after, particularly in volatile markets," said David
Scandiffio, President, IA Clarington Investments Inc. "The Target Click
Funds have delivered as designed, with the Target Click 2015 Fund
outperforming many global balanced funds and with over 97% of all
unitholders in a gain position."
At this point, however, the persistent and unprecedented low interest
rate environment and shorter term to maturity of the shortest date
fund, the IA Clarington Target Click 2015 Fund, requires the majority
of the Fund's assets to be invested in federal and provincial strip
bonds in order to meet its guarantee obligation, leaving very little
exposure to global equities.
In order to protect the exposure of existing investors, the IA
Clarington Target Click 2015 Fund will be closed to new investors at
this time, IA Clarington will commence waiving a portion of its
management fees and will continue to actively manage the MER.
The other IA Clarington Target Click Funds have higher equity exposure
and will remain open for sale. They provide investors with the security
of knowing their investments are protected, provided they hold the
Funds to maturity, while at the same time offering exposure to
international equity markets.
About IA Clarington
IA Clarington Investments Inc., a subsidiary of Industrial Alliance
Insurance and Financial Services Inc., markets a wide range of
investment products, including mutual funds and segregated funds
managed by leading portfolio advisors. The Company's philosophy is to
select outstanding money managers from across Canada and around the
world to manage its funds. IA Clarington managed more than $9.9 billion
in assets as at September 30, 2011. www.iaclarington.com
SOURCE IA Clarington Investments Inc.
For further information:
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(416) 815-0700 ext. 251