Industrial Alliance Insurance and Financial Services Inc. today announced the closing of its acquisition of Co-operators Mutual Funds Ltd., which was initially announced last August 15.

The company says the acquisition of CMFL will allow it manufacture and manage its own line of mutual funds.

The name of CMFL has been changed to Industrial Alliance Mutual Funds Inc. and the firm becomes a subsidiary of Industrial Alliance. David Scandiffio, who has several years of experience in the mutual fund sector, has been named president of the new Toronto-based company.

Industrial Alliance Mutual Funds begins operations with CMFL’s eight existing mutual funds, which are being renamed as follows:

  • the IA Canadian Conservative Equity Fund (formerly the Co-operators Canadian Conservative Focused Equity Fund);
  • the IA Canadian Core Equity Fund (formerly the Co- operators Canadian Core Equity Fund);
  • the IA Canadian Balanced Fund (formerly the Co-operators Canadian Balanced Fund);
  • the IA Canadian Bond Fund (formerly the Co-operators Canadian Bond Fund);
  • the IA Canadian Money Market Fund (formerly the Co-operators Canadian Money Market Fund);
  • the IA Credit Suisse Global Equity Fund (formerly the Co-operators/Credit Suisse Global Equity Fund);
  • the IA Crystal Enhanced Index America Fund (formerly the Co- operators/Crystal Enhanced Index RSP Fund); and
  • the IA Crystal Enhanced Index World Fund (formerly the Co-operators/Crystal Enhanced Index World Fund).

These eight funds have an estimated market value of $90 million.

“We are very excited at the opportunity to offer advisors and their clients access to some truly hidden gems in the Canadian marketplace,” says Scandiffio. “Our objective is to build on the successes of these funds as we provide a broadened line-up of unique, competitive and best- of-breed fund solutions.”

“While our short-term objective is to endow Industrial Alliance with a solid base in all wealth management sectors, our ultimate objective remains to provide representatives with a complete range of life insurance products, mutual funds, segregated funds and securities so that they themselves may perform an effective and integral management of their clients’ wealth,” says Normand Pépin, executive VP at Industrial Alliance.