TORONTO, Nov. 20, 2014 /CNW/ - IA Clarington Investments Inc. ("IA Clarington") announced today that, subject to regulatory approval, it is amending the investment objectives of eight of its corporate class funds. The amendments are in response to changes to Canadian tax laws that were introduced in the 2013 Federal Budget eliminating the favourable tax treatment relating to forward contracts which recharacterize income as more tax efficient capital gains.
The affected funds are:
- IA Clarington Strategic Income Class
- IA Clarington Strategic Corporate Bond Class
- IA Clarington Focused Balanced Class
- IA Clarington Tactical Bond Class
- IA Clarington Tactical Income Class
- IA Clarington Global Tactical Income Class
- IA Clarington Canadian Balanced Class
- IA Clarington Dividend Growth Class
IA Clarington expects to receive the appropriate regulatory approvals to make the investment objective changes without the approval of securityholders, subject to certain conditions. The changes will take effect on or about December 30, 2014. The new investment objectives will permit each fund to invest substantially all of its assets in securities of another mutual fund managed by IA Clarington.
There are no fees or charges incurred by these changes to securityholders, nor will securityholders realize a capital gain or loss as a result of these changes.
The complete wording of the current and revised investment objectives, and the timing of the changes are contained in a notice provided to securityholders. The funds remain closed to new purchases.
About IA Clarington
IA Clarington Investments Inc., a subsidiary of Industrial Alliance Insurance and Financial Services Inc., markets a wide range of distinctive and outcome-based investments, including actively managed mutual funds, portfolio solutions, socially responsible investments and target date funds. As at October 31, 2014, IA Clarington has over $15 billion in assets under management and distributes its investment solutions to retail investors through advice-based distribution channels. For more information please visit www.iaclarington.com
SOURCE: IA Clarington Investments Inc.
For further information: Kari Meyer, Communications Manager, IA Clarington Investments, Tel: 416-860-9880 ext. 2120, [email protected]; For media enquiries please contact: Scott Anderson, Manager, Media Relations, TMX Equicom, Tel: 416-815-0700 ext. 253, [email protected]