Investors in IA Clarington Distinction Bold Class Approve Fixed Rate Administration Fee Model
26 Jun, 2013, 16:31 ET
TORONTO, June 26, 2013 /CNW/ - IA Clarington Investments Inc. ("IA Clarington" or "the Company"), the manager of IA Clarington Distinction Bold Class (the "Fund"), is announcing that investors in the Fund have approved a proposal to change the method of charging operating expenses to the Fund to a fixed rate administration fee model at an adjourned meeting held on June 26, 2013. Investors in all other mutual funds managed by IA Clarington approved the same proposal on June 19, 2013.
The fixed rate administration fee for each series of the Fund will be lower than the actual operating expenses paid by each series of the Fund during its most recently completed financial year. The full impact of the fee reductions may not be fully realized until the new fixed rate administration fee model is in place for a full reporting cycle. In addition, some fees may vary further due to the impact of federal and provincial sales tax harmonization by additional provinces.
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 $13.5 billion in assets as at May 31, 2013. www.iaclarington.com
SOURCE: IA Clarington Investments Inc.
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