Seamark Asset Management Ltd. says it is disappointed ClaringtonFunds Inc. has chosen to move the management of its funds primarily to its new owner, Industrial Alliance.

ClaringtonFunds announced yesterday that it would replace the Halifax-based firm as manager of several of its funds, including the $1.1-billion Clarington Canadian Dividend Fund and the $899-million Clarington Canadian Income Fund. Clarington said it would move management responsibilities to its in-house manager, Industrial Alliance Investment Management Inc., as well as Toronto-based Howson Tattersall Investment Counsel Ltd. and New York-based OppenheimerFunds, Inc.

Seamark says its investment services will continue to be available through its 15 distribution partners, including most of the bank-owned investment dealers, independent financial advisory firms, and Manulife.

“Today’s announcement will not impact the delivery of our disciplined long-term investment approach to our many valued clients,” G. Peter Marshall, chief investment officer, said in a release. “Results so far in 2006 have been strong, with our portfolios for most asset classes having outperformed their benchmarks by a considerable margin. Coming on the heels of improving results in 2005, this confirms our confidence that our clients’ portfolios are well-positioned for long-term success.”

Seamark says its revenue for the first quarter of 2006 will reflect a payment representing 180 days notice of the termination of service by ClaringtonFunds. During 2005, ClaringtonFunds represented approximately 21% of Seamark’s revenue. Seamark’s assets under management will reflect the end of the ClaringtonFunds relationship as of March 31, 2006.