TORONTO, July 4 /CNW/ - IA Clarington Investments Inc. ("IA Clarington"
or the "Company") today announced that Catapult Financial Management Inc.
("Catapult"), a wholly-owned subsidiary of Aston Hill Financial Inc. ("Aston
Hill", TSXV: AHF), has been appointed as sub-advisor to IA Clarington Tactical
Income Fund (formerly IA Clarington Income Trust Fund) ("Tactical Income
Fund") effective July 4, 2008 and to IA Clarington Global Income Fund ("Global
Income Fund"), replacing the current sub-advisors to the Global Income Fund,
effective September 15, 2008. The portfolio management team will be headed by
the award-winning portfolio manager, Ben Cheng.
"We are very pleased to add Ben to our roster of portfolio managers,
further demonstrating our commitment to offering our clients access to leading
money managers and a diverse range of products to meet their income needs,"
said Eric Frape, Senior Vice President, Product and Business Development at IA
Clarington. "Ben is a proven and highly successful manager with a strong track
record in balanced mandates that further solidifies our capabilities in the
income fund category."
The name change from IA Clarington Income Trust Fund to IA Clarington
Tactical Income Fund will occur on July 4, 2008. At the same time, the
investment strategies of the Tactical Income Fund will be amended to reflect
that it will generally seek to invest approximately two-thirds of its
portfolio in equity securities and trust units and about one third in fixed
income securities, cash and cash equivalents. The name change and change of
strategies reflect the gradual narrowing of the income trust sector. The
overall investment objective of the fund has not changed.
Mr. Cheng has extensive portfolio management experience in both equity
and fixed income markets and, prior to joining Aston Hill, built an impressive
track record as a portfolio manager at a very large Canadian mutual fund
manager. At that company, Mr. Cheng managed more than $7 billion in two mutual
funds, each of which received a Canadian Investment Award during his tenure as
portfolio manager. Mr. Cheng is a CFA Charterholder and holds a Bachelor of
Commerce degree from the University of Toronto.
Working closely with Mr. Cheng on the overall management of the portfolio
is Joanne Hruska, based out of Calgary and President of Catapult. Ms. Hruska
has broad investment expertise dating back to 1994, as well as having
developed a specialty in Canadian junior oil and gas companies. Ms. Hruska
holds a CFA designation and a Bachelor of Commerce degree from the University
About Catapult and Aston Hill
Aston Hill is the parent company of Catapult. Mr. Cheng is the President
of Aston Hill. Its Chief Executive Officer is Eric Tremblay, who possesses a
wealth of business development, marketing, fund raising and investor relations
experience in the oil & gas and income trust sectors, having spent almost
13 years as a senior officer of a large Canadian income trust. Mr. Tremblay
graduated from Ryerson University in Toronto with a Bachelor of Engineering
degree in Aerospace Engineering.
Aston Hill, together with its subsidiaries, is an investment manager
specializing in high yield income products and the purchase and development of
Canadian oil and gas assets and securities for retail and institutional
clients, and currently manages approximately $750 million in assets.
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, segregated funds, principal protected notes
and closed end funds managed by leading portfolio managers. IA Clarington and
its subsidiaries managed approximately $7.9 billion in assets as at May 31,
2008. The Company's website address is www.iaclarington.com.
Commissions, trailing commissions, management fees and expenses all may
be associated with mutual fund investments. Please read the prospectus before
investing. Mutual fund securities are not covered by the Canada Deposit
Insurance Corporation or by any other government deposit insurer. Mutual funds
are not guaranteed, their values change frequently and past performance may
not be repeated. The IA Clarington Funds and the IA Clarington Target Click
Funds are managed by IA Clarington Investments Inc. IA Clarington is a
trademark of IA Clarington Investments Inc. and the IA Clarington logo is a
trademark of Industrial Alliance Insurance and Financial Services Inc.
For further information:
For further information: Eric Frape, Senior Vice President, Product and
Business Development, IA Clarington Investments Inc., (416) 585-8815,