Industrial Alliance To Acquire Sarbit Asset Management

    TORONTO, Sept. 8 /CNW Telbec/ - Industrial Alliance Insurance and
Financial Services Inc. ("IA") is pleased to announce that it has entered into
an agreement with Sarbit Asset Management Inc. ("SAMI") under which IA will
offer to acquire all of the issued and outstanding shares of SAMI. IA has also
entered into lock-up agreements with shareholders representing over 75% of the
issued and outstanding shares of SAMI.
    SAMI is a privately-owned mutual fund manager founded in 2005 by Larry
Sarbit, a money manager with over 28 years' experience. Mr. Sarbit is
recognized for his disciplined, value-oriented investment philosophy focussed
primarily on U.S. equities.
    The acquisition of SAMI provides IA with approximately $130 million in
assets under management, which will be integrated with IA Clarington
Investments Inc. ("IA Clarington"), a subsidiary of IA. Mr. Sarbit and his
investment team will continue providing investment advice to SAMI's U.S.
equity funds after the transaction is completed, and the remainder of the
Sarbit mutual funds will be managed by an affiliate of IA Clarington.
    "Larry Sarbit is well known to financial advisors and investors in
Canada," said David Scandiffio, President of IA Clarington. "He has managed
large mutual funds with assets in excess of $2 billion, as well as smaller
funds, such as the $85 million Sarbit U.S. Equity Trust, and done so through a
full range of market cycles. We are pleased that Mr. Sarbit has agreed to
continue providing his unique style of investment advice to SAMI's U.S. equity
funds after completion of the transaction through an ongoing sub-advisory
    "Investors in Sarbit mutual funds will enjoy the benefits of being part
of IA Clarington, including its increased size and scale of operations, a
broad range of investment options and a strong commitment to investment
performance and customer service," said Mr. Sarbit, President and CEO of SAMI.
"The decision to sell the company I founded was not an easy one, but I am
happy to have found a buyer such as IA that is firmly committed to meeting the
needs of investors and financial advisors."
    The transaction adds to IA's string of wealth management acquisitions and
marks the 14th transaction since the early 2000s. Subject to requisite
shareholder and regulatory notifications and approval, the transaction is
expected to close on or before October 31, 2008.

    About Industrial Alliance

    Founded in 1892, Industrial Alliance Insurance and Financial Services
Inc. is a life and health insurance company that offers a wide range of life
and health insurance products, savings and retirement plans, RRSPs, mutual and
segregated funds, securities, auto and home insurance, mortgage loans and
other financial products and services. The fourth largest life and health
insurance company in Canada, Industrial Alliance is at the head of a large
financial group, which has operations across Canada, as well as in the Western
United States. Industrial Alliance contributes to the financial wellbeing of
over 3 million Canadians, employs more than 3,300 people and manages and
administers over $51 billion in assets. Industrial Alliance stock is listed on
the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is
among the 100 largest public companies in Canada.

    About IA Clarington

    IA Clarington managed approximately $7.5 billion in mutual fund and
closed-end fund assets as at July 31, 2008. IA Clarington maintains offices in
Toronto, Calgary, Vancouver, Montreal and Quebec City.

    About Sarbit Asset Management

    Sarbit Asset Management Inc. was founded in 2005 and is an investment
management firm providing investment advisory and related services. Sarbit
distributes its services through a diversified network of third party
financial advisors who look for a rational, common sense and business-like
approach to investing.

For further information:

For further information: Jacques Carrière, Vice-President, Investor
Relations, (418) 684-5275, cellular: (418) 576-3624,;

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