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IA Clarington Announces New Portfolio Advisor for Target Click Funds

^{Published on 2011-08-19 12:41:39 - Market Wire}
 

TORONTO, Aug. 19, 2011 /CNW/ - IA Clarington Investments Inc. ("IA Clarington"), a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) ("Industrial Alliance"), today announced that Industrial Alliance Investment Management ("IAIM") will become the portfolio advisor for IA Clarington's line of Target Click Funds as well as their underlying equity component. Subject to receipt of regulatory approval, the change is expected to take place in the fourth quarter of 2011.

"Our selection of IAIM to manage the Target Click Funds will enable us to expand our product offering and capitalize on IAIM's deep experience in segregated funds and growing in-house capabilities in structured products and derivatives," said David Scandiffio, President of IA Clarington. "We expect to launch new products in the future to enhance our line-up of guaranteed products."

IA Clarington's Target Click Funds, Canada's first guaranteed mutual funds, provide balanced exposure to global equity markets with a guarantee: at maturity, each Target Click Fund pays out either the net asset value per unit (NAVPU) on that day or the highest month-end NAVPU ever achieved during the life of the fund, whichever is higher, regardless of when unitholders bought the fund or how the markets have performed.

"There will be no change to the structure, objectives or strategies of the Target Click Funds and the transition will be seamless for existing unitholders," explained Scandiffio.

With this change, Industrial Alliance will become the guarantor of the Target Click Funds replacing Fortis Bank S.A./N.V. Industrial Alliance has an A+ financial strength credit rating with a stable outlook from Standard & Poor's, one of the highest among Canada's life insurance companies and on par with two of Canada's biggest banks.

Industrial Alliance's subsidiary IAIM currently manages $9.2 billion in segregated funds, and has total assets under management of $49.5 billion (June 30, 2011). IAIM will be replacing BNP Paribas Investment Partners Canada Ltd. (BNP Paribas), formerly Fortis Investment Management Canada Ltd., as portfolio advisor for the Target Click Funds.

"The change in no way reflects the performance or service of BNP Paribas," said Scandiffio. "BNP Paribas has been a very good business partner and will continue to manage the IA Clarington Global Dividend Fund."

IA Clarington Investments Inc.

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 outstanding money managers from across Canada and around the world to manage its funds. IA Clarington managed more than $10.6 billion in assets as at June 30, 2011. [ www.iaclarington.com ]

The IA Clarington Target Click Funds are the IA Clarington Target Click 2015 Fund, IA Clarington Target Click 2020 Fund, IA Clarington Target Click 2025 Fund and IA Clarington Target Click 2030 Fund.