IA Clarington Investments Inc. announced that investors approved the fund mergers of its mutual funds announced in March.

“By streamlining our fund offering, we believe clients will be better served,” said David Scandiffio, president of IA Clarington. “The goal of these mergers is to focus on the strengths of key managers both within our internal investment capabilities as well as among leading external managers. In several cases these changes will also benefit investors through a reduction in management fees.”

As a result of the mergers, IA Clarington Canadian Income Fund II, IA Clarington Monthly IA Clarington Canadian Growth & Income Fund and IA Clarington Diversified Balanced Fund were all merged into IA Clarington Monthly Income Balanced Fund; IA Clarington Tactical Income Fund was merged into IA Clarington Diversified Income Fund, which was then renamed as IA Clarington Tactical Income Fund; IA Clarington U.S. Dividend Fund was merged into IA Clarington Navellier U.S. All Cap Fund, which was then renamed IA Clarington Sarbit U.S. Equity Fund.

As well, IA Clarington Canadian Growth Fund was merged into IA Clarington Canadian Leaders Fund; IA Clarington Canadian Opportunities Fund was merged into IA Clarington Canadian Small Cap Fund; IA Clarington Canadian Value Fund was merged into IA Clarington Dividend Growth Fund; and IA Clarington Core Portfolio was merged into IA Clarington Canadian Equity Fund.

Unitholders of the terminating funds approved the mergers. Additional changes were also approved by the unitholders of IA Clarington Monthly Income Balanced Fund, IA Clarington Diversified Income Fund and IA Clarington Navellier U.S. All Cap Fund. The meetings were held on May 29, other than the meeting for Sarbit U.S. Equity Trust, which was held on
June 1.

The mergers took place on June 5, and each of the terminating funds was wound up immediately after the mergers.

Additionally, QV Investors Inc. was appointed as subadvisor to IA Clarington Canadian Balanced Fund, effective June 5.

In addition, IA Clarington intends to remove Global Currents Investment Management LLC as subadvisor on the IA Clarington Global Value Fund, to be succeeded by the international equity team at Industrial Alliance Investment Management.

“We are pleased to offer outstanding managers such as QV Investors, Ben Cheng of Catapult Financial Management Inc., Larry Sarbit of Sarbit Advisory Services Inc. and the IAIM team,” said Scandiffio. “We continually strive to bring the most experienced and proven investment managers to our investors.”