Toronto-based IA Clarington Investments Inc. Friday proposed a change to its fund family designed to streamline its mutual fund line-up for investors.
Subject to receipt of investor and regulatory approval, the firm is proposing to merge that IA Clarington Global Small Cap Fund into IA Clarington Global Equity Fund, effective June 25.
IA Clarington Global Equity Fund will continue to be managed by Radin Capital Partners Inc., and will change its name to IA Clarington Global Opportunities Fund in June.
“These changes reflect an initiative to streamline the IA Clarington mutual fund family and provide advisors and investors with increased operational efficiencies,” says David Scandiffio, president of IA Clarington.
Radin Capital Partners is led by Brad Radin, who managed an award-winning global small/midcap equity fund at Templeton Global Equity Group for more than 10 years prior to his departure in February 2011. The firm is currently managing both funds using the same investment approach, however IA Clarington Global Small Cap Fund has a greater bias towards small cap stocks.
Investors in IA Clarington Global Small Cap Fund will be asked to ratify the proposal at a meeting scheduled for June 18. The fund will be closed to new sales, with the exception of PACs, at the end of business on April 20.
The proposed merger was approved by the board of Directors of IA Clarington Investments Inc. at a meeting held on April 10. The Independent Review Committee of the funds also considered the matter and provided a positive recommendation that the merger would achieve a fair and reasonable result for the funds.