TORONTO, April 13, 2012 /PRNewswire/ - IA Clarington Investments Inc. ("IA Clarington") today announced proposed changes to its fund family designed to streamline its mutual fund line-up for investors.
Subject to receipt of investor and regulatory approval, it is proposed that IA Clarington Global Small Cap Fund (the "Terminating Fund") be merged into IA Clarington Global Equity Fund, effective June 25, 2012. IA Clarington Global Equity Fund will continue to be managed by Radin Capital Partners Inc. ("RCP"), and will change its name to IA Clarington Global Opportunities Fund in June.
"These changes reflect an initiative to streamline the IA Clarington mutual fund family and provide advisors and investors with increased operational efficiencies," said David Scandiffio, President of IA Clarington.
RCP is led by Brad Radin, who managed an award-winning global small/midcap equity fund at a large Canadian mutual fund company for more than 10 years prior to his departure in February 2011. RCP is currently managing both funds using the same investment approach, however the Terminating Fund has a greater bias towards small cap stocks.
Investors in the Terminating Fund will be asked to ratify the proposal at a meeting scheduled for June 18, 2012. A proxy voting package and information circular detailing the proposed merger will be sent to unitholders in late May. Please note that IA Clarington Global Small Cap Fund will be closed to new sales, with the exception of PACs, at the end of business on April 20, 2012.
The proposed merger was approved by the Board of Directors of IA Clarington Investments Inc. at a meeting held on April 10, 2012. The Independent Review Committee of the funds also considered the matter and provided a positive recommendation that the merger would achieve a fair and reasonable result for the funds.
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. IA Clarington managed more than $10 billion in assets as at December 31, 2011. www.iaclarington.com
SOURCE IA Clarington Investments Inc.