IA Clarington Investments Inc. today announced that it is broadening its range of cash distribution options with its launch of Series T10 and F10 units of IA Clarington Dividend Growth Fund.
IA Clarington also announced changes to the distribution policies of two existing cash distribution funds and a cap on the Series A and F units of IA Clarington Canadian Dividend Fund.
Beginning March 17, the company will offer Series T10 and Series F10 units of IA Clarington Dividend Growth Fund. This fund has a similar investment objective to IA Clarington Canadian Dividend Fund, and both funds are managed by Gil Lamothe of Industrial Alliance Investment Management Inc. The Series T10 and F10 units will aim to provide monthly distributions, targeted at a rate of 10%.
“We believe these new series are an attractive option for clients who are seeking to draw a higher rate of cash flow from their investments, even if that means potentially drawing down capital over time,” says Eric Frape, senior vp, product and business development at IA Clarington.
IA Clarington also announced changes to the distribution policies of IA Clarington Canadian Dividend Fund and IA Clarington Global Income Fund.
Effective April 30, the Series A and F units of the IA Clarington Canadian Dividend Fund will be closed to new purchasers, other than investors who purchase under pre-existing systematic plans. In addition, the distribution policy for these two series will be amended to provide greater clarity.
In addition, effective April 30, the monthly distribution on the Series A and Series F units of IA Clarington Global Income Fund will be reduced to 2.5¢ from 6¢. The distribution policy of those series of units of the fund will be adjusted, starting in January 2009, to target an annualized distribution rate of 8%.
“These changes provide our clients with clarity and greater certainty on the future distribution levels for these funds,” Frape adds. “Our focus is to continue to offer a broad selection of cash distribution options which meet the various needs of investors.”
IA Clarington and its subsidiaries managed approximately $7.7 billion in assets as at Dec. 31, 2007. IA Clarington is a subsidiary of Industrial Alliance Insurance and Financial Services Inc.
IA Clarington broadens line up of cash distribution funds
Company amends distribution policies of two existing cash distribution funds
- By: IE Staff
- February 13, 2008 February 13, 2008
- 10:40