TORONTO, Sept. 17, 2014 /CNW/ - JovFinancial Solutions Inc. ("JovFinancial"), the manager of Jov Canadian Equity Class (the "Fund"), announces the proposed merger of the Fund with IA Clarington Canadian Growth Class. Effective immediately, the Fund is closed to new purchases.
IA Clarington Canadian Growth Class is managed by IA Clarington Investments Inc., an affiliate of JovFinancial. The merger is expected to take effect on or about November 28, 2014.
Investors in the Fund may redeem their shares at any time up to the close of business on the business day immediately preceding the effective date of the merger in accordance with the Fund's normal practices. Investors who hold shares of the Fund on the merger date will receive shares of Series A of IA Clarington Canadian Growth Class on a dollar for dollar basis. After the merger, shareholders of the Fund will be able to redeem their shares of IA Clarington Canadian Growth Class without paying a redemption fee.
Investors in the Fund will benefit from significantly lower MERs in the IA Clarington Canadian Growth Class, and will also benefit from the ability to switch to other funds in the IA Clarington corporate structure without triggering a taxable disposition.
Notice of the merger will be provided to securityholders of the Fund at least 60 days prior to the effective date of the merger.
About JovFinancial Solutions Inc.
JovFinancial is an investment fund manager and member of the Industrial Alliance group of companies. JovFinancial manages approximately $238 million of client assets.
SOURCE: JovFinancial Solutions Inc.
For further information:
Senior Director, Media Relations
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