IA Clarington Investments Inc. is proposing several changes to integrate two Sarbit funds into the IA Clarington fund family, the company announced Thursday.

IA Clarington will merge Sarbit Money Market Trust and Sarbit Canadian Bond Trust into IA Clarington Money Market Fund and IA Clarington Bond Fund, respectively.

The changes have been approved by the independent review committee of the funds and the mergers will occur on or about April 17. All of the funds involved are managed by IA Clarington, and investors in the Sarbit funds will see a decrease in fees as a result of the mergers, IA Clarington says.

Units of the funds will continue to be available in exchange for units of other Sarbit Funds until the close of business on April 9, following which time the funds will cease distribution of new units, except under a pre-authorized chequing plan or similar systematic plan established prior to April 9.

Unitholders of each fund will have the right to redeem their units up to the close of business on the business day immediately preceding the effective date of the mergers.

http://www.newswire.ca/en/releases/archive/February2009/12/c7956.html