TORONTO, Sept. 27, 2013 /CNW/ - IA Clarington Investments Inc. today announced that securityholders have approved a series of fund changes, including a fund merger and a change to the investment objectives and names of two Distinction portfolios, which were voted on at special meetings on September 25, 2013 in Toronto.
Investment Objective and Name Changes
Securityholders in Distinction Monthly Income Portfolio approved a new investment objective which will see the fund invest in U.S. equities and fixed income securities to provide long-term capital growth and monthly income which will be managed by IA Clarington's award-winning portfolio advisor Dan Bastasic.
Bastasic employs a full capital structure analysis in his security selection process, and includes significant U.S. holdings in his Strategic family of IA Clarington funds. The new mandate will be implemented on or about November 4, 2013.
Securityholders in Distinction Monthly Income Class approved a new investment objective in which the fund will invest in units of the IA Clarington Strategic Equity Income Fund as an underlying fund. Implementation for the new mandate will be effective on or about October 15, 2013.
Also approved by securityholders were related name changes for each of the portfolios as they will become the IA Clarington Strategic U.S. Growth & Income Fund and the IA Clarington Strategic Equity Income Class respectively.
Lastly, securityholders approved a merger of the IA Clarington Energy Class into the IA Clarington Canadian Leaders Class. Investors will continue to get Energy exposure through the Canadian Leaders mandate albeit with broader market exposure in a fund with a lower risk profile. The merger will be executed after the close of business on or about October 4, 2013, subject to regulatory approval.
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 best in class money managers from across Canada and around the world to manage its funds. IA Clarington managed approximately $13.6 billion in assets as at August 31, 2013. www.iaclarington.com
SOURCE: IA Clarington Investments Inc.
For further information:
Senior Director, Media Relations
(416) 815-0700 ext. 266