Industrial Alliance Insurance and Financial Services Inc. has acquired all issued and outstanding shares of Sarbit Asset Management Inc, the insurance company reported Tuesday.

IA announced its intention to acquire Sarbit on Sept. 8, and the transaction closed on Oct. 31. Sarbit will be controlled by IA’s subsidiary, IA Clarington Investments Inc.

“Investors in IA Clarington funds will now have access to the considerable talents of Larry Sarbit, founder of Sarbit Asset Management and a portfolio manager with over 28 years’ experience,” says David Scandiffio, president of IA Clarington. “We are thrilled that Mr. Sarbit will continue providing his unique style of portfolio management to Sarbit U.S. equity funds, adding to the breadth and depth of our product offer at IA Clarington.”

“Following the integration, investors will have the ability to switch between funds within the entire IA Clarington line-up, offering them a broad range of investment options, a strong commitment to investment performance and quality client service,” says Larry Sarbit.

The Sarbit funds will be integrated into the IA Clarington fund family in the coming months. Larry Sarbit will continue to manage the flagship Sarbit U.S. Equity Trust, and Francois Lalande, vp at Industrial Alliance Investment Management Inc., will assume responsibility for the Sarbit Real Return Bond Trust.

In addition, a number of smaller funds will be wound-up or merged into existing IA Clarington funds with similar mandates. Sarbit Global Equity Trust, Sarbit Global Balanced Trust and Sarbit Canadian Equity Trust will be closed on after Dec. 31.

IA Clarington managed approximately $6.5 billion in mutual fund and closed-end fund assets as at Oct. 31.

IE