IA Clarington changes approved

Dan Bastasic, senior vice president, investments, IA Clarington, will assume portfolio management responsibilities for IA Clarington Tactical Income Fund. Bastasic joined IA Clarington in 2011 and manages IA Clarington’s Strategic family of funds. He has more than 15 years of experience managing income focused portfolios across both equities and fixed income.

Jeff Sujitno, vice president, investments, IA Clarington, will assume portfolio management responsibilities for IA Clarington Tactical Bond Fund. Sujitno joined IA Clarington in 2013 and manages IA Clarington’s Core Plus Bond Fund and Floating Rate Income Fund, which has been a top fund in its category since its inception.

Portfolio management responsibilities for IA Clarington Global Tactical Income Fund will be assumed by Boston-based Loomis, Sayles & Company, L.P., a new sub-advisor relationship for IA Clarington.

“We developed our family of tactical income funds to provide investors with a unique and flexible approach to generate an attractive and stable level of income in various market environments,” said David Scandiffio, president, IA Clarington Investments, when the changes were first announced on February 13. “After careful review, we believe our investors will benefit from the added depth, strong track records and expertise that these new investment teams bring to the funds.”

The move to appoint the three portfolio managers to these particular funds follows the non-renewal of the sub-advisory agreement between Aston Hill Asset Management Inc. and IA Clarington. Under the agreement, Ben Cheng, president and co-chief investment officer of Aston Hill Financial Inc. (TSX:AHF), provided portfolio management services to the three funds.