Toronto-based IA Clarington Investments Inc. has changed the name of IA Clarington American Fund to IA Clarington U.S. Dividend Growth Fund. This fund now will be managed by Industrial Alliance Investment Management Inc., which has replaced subadvisor MFS Maclean Budden Ltd. in Toronto. IA Clarington plans to amend the fund’s investment strategy to invest primarily in U.S. equities that will provide long-term capital appreciation and total return with a focus on dividend growth. In addition, beginning in 2013, the fund will employ a covered-call strategy, generally targeting one-third of the portfolio’s assets under management, to provide additional yield. The subadvisor and investment strategies changes are expected to take effect on Nov. 26. Management fees on A-class units will be reduced to 1.95% from 2%. IA Clarington also has suspended sales of units of IA Clarington Target Click funds under the DSC and low-load options; front-end sales options remain available. Target Click funds will continue to be managed in the same way, with the highest-ever monthend value guaranteed to investors who hold the fund units to maturity. IA Clarington also is lowering the management fees on the Target Click funds.

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