TORONTO, Oct. 23, 2014 /CNW/ - JovFinancial Solutions Inc. ("JovFinancial") and T.E. Investment Counsel Inc. ("TEIC" and together with JovFinancial, the "Managers") are announcing a proposal to terminate certain series of Jov Leon Frazer Bond Fund, Jov Leon Frazer Dividend Fund and Jov Leon Frazer Preferred Equity Fund (the "Jov Leon Frazer Funds") and Jov Prosperity Canadian Fixed Income Fund, Jov Prosperity Canadian Equity Fund, Jov Prosperity U.S. Equity Fund and Jov Prosperity International Equity Fund (the "Jov Prosperity Funds") and, subject to regulatory approval, merge such terminating series with IA Clarington Money Market Fund. Managed accounts of Leon Frazer & Associates Inc. clients hold Series I units of the Jov Leon Frazer Funds, which will not be merged, and managed accounts of TEIC clients hold Series B and O units of the Jov Prosperity Funds, which will not be merged, and as a result such managed accounts will be unaffected by this merger.
Effective immediately, any Series A, F, O and T of the Jov Leon Frazer Funds are closed to new purchases. Series A, F and I of the Jov Prosperity Funds were closed to new purchases on January 6, 2012.
Subject to regulatory approval, the Managers propose that on or about January 23, 2015:
(a) Series A, F and O of the Jov Leon Frazer Funds will be merged with IA Clarington Money Market Fund, and securityholders thereof will receive units of Series A, F and O, respectively, of IA Clarington Money Market Fund on a dollar for dollar basis. Securityholders of Series T of Jov Leon Frazer Preferred Equity Fund will receive units of Series A of the IA Clarington Money Market Fund; and
(b) Series A, F and I of the Jov Prosperity Funds will be merged with IA Clarington Money Market Fund, and securityholders thereof will receive units of Series A, DF and I, respectively, of IA Clarington Money Market Fund on a dollar for dollar basis.
If regulatory approval for the mergers is not obtained, the affected series will be terminated.
IA Clarington Money Market Fund is managed by IA Clarington Investments Inc., an affiliate of the Managers.
Investors in the Jov Leon Frazer Funds and Jov Prosperity Funds may redeem their units at any time up to the close of business on the business day immediately preceding the effective date of the mergers in accordance with the funds' normal practices. After the mergers, securityholders of the affected series of the Jov Prosperity Funds and Jov Leon Frazer Funds will be able to switch to other IA Clarington funds or redeem their units of IA Clarington Money Market Fund without paying a redemption fee.
The independent review committee of the Funds has approved the proposed mergers after determining that the mergers achieve a fair and reasonable result for the funds.
The Managers encourage securityholders to contact their financial advisor to determine the solution that best meets their individual investment needs and circumstances.
About JovFinancial Solutions Inc.
JovFinancial is an investment fund manager and member of the Industrial Alliance group of companies. JovFinancial manages in excess of $255 million of client assets.
About T.E. Investment Counsel Inc.
TEIC is a portfolio manager and investment fund manager that provides customized multi-manager, multi-style investment solutions to both high net worth and institutional clients. TEIC currently manages and/or administers in excess of $3.6 billion for its clients as at September 30, 2014. TEIC is a member of the Industrial Alliance group of companies.
About Leon Frazer & Associates Inc.
With approximately $2.3 billion (as of September 30, 2014) under management, offices in Toronto and Vancouver, an experienced portfolio management team, a well-honed and tested investment philosophy and a compelling view of the future of Canadian equity investment, Leon Frazer has established a reputation as one of Canada's leading authorities on dividend investing.
SOURCE: JovFinancial Solutions Inc.
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