Company reduces costs on Series F securities of many of its
funds and broadens Series F lineup
Toronto, Ontario, January 5, 2007- IA
Clarington Investments Inc. ("IA Clarington" or the "Company")
today announced it has lowered the management fees on Series F
securities of many of its funds. The Company also announced it
is launching Series F securities of three of its other funds, and
that the 2006 management expense ratios for the Series F securities
of its funds are now available.
"Fee-based accounts represent an important and growing market
segment, and we believe these changes enhance our lineup for
fee-based advisors, giving them greater product selection and
highly competitive fees within the IA Clarington fund family. The
higher investment levels and reduced service requirements on
fee-based accounts create cost efficiencies, which we are passing
on to our clients," said Eric Frape, Vice President, Product
Management.
Changes have been made to Series F securities of the following
funds:
|
FUND
|
2007 Series F MER
|
2006 Series F MER
|
|
Clarington Canadian Dividend Fund
|
0.95%
|
1.10%
|
|
Clarington Canadian Income Fund
|
0.85%
|
0.99%
|
|
Clarington Canadian Income Fund II - Series F-H
|
0.85%
|
0.99%
|
|
Clarington Canadian Income Fund II - Series F-L
|
0.85%
|
0.99%
|
|
Clarington Diversified Income Fund
|
0.85%
|
0.99%
|
|
Clarington Income Trust Fund
|
0.85%
|
0.99%
|
|
Clarington U.S.Dividend Fund
|
1.10%
|
1.25%
|
|
Clarington Global Income Fund
|
1.10%
|
1.25%
|
|
Clarington Global Dividend Fund
|
1.10%
|
1.25%
|
|
Clarington Canadian Balanced Fund
|
0.95%
|
1.10%
|
|
Clarington Canadian Growth & Income Fund
|
0.95%
|
1.10%
|
|
Clarington Canadian Equity Fund
|
0.85%
|
0.99%
|
|
Clarington Canadian Value Fund
|
0.95%
|
1.10%
|
|
Clarington Canadian Small Cap Fund
|
1.20%
|
1.35%
|
|
Clarington Navellier U.S.All Cap Fund
|
1.10%
|
1.25%
|
|
Clarington Global Equity Fund
|
0.90%
|
1.25%
|
|
Clarington Global Equity Class
|
1.20%
|
1.35%
|
|
Clarington Global Small Cap Fund
|
1.20%
|
1.35%
|
|
Clarington Core Portfolio
|
1.10%
|
1.25%
|
The management fee reduction is effective January 1, 2007. The
MERs reflect actual MERs charged to the funds for 2006, after
absorption of expenses by IA Clarington. The expense absorption for
2006 included, in some cases, a waiver of management fees to bring
the total MER for 2006 in line with the expected MER following the
fee reductions.
In addition, from January 15, 2007, IA Clarington will offer
Series F securities of three of its other funds to offer fee-based
advisors greater product selection.
The funds and the applicable management fees are as follows:
|
FUND
|
Series F Management Fee
|
|
IA Dividend Growth Fund
|
0.85%
|
|
R Canadian Smaller Companies Fund
|
1.20%
|
|
R Global Value Fund
|
1.10%
|
In addition, Series F units of Clarington U.S. Dividend Fund and
Clarington Global Dividend Fund will be available in US Dollars at
the same management fee rate as the Canadian dollar Series F units
of those funds.
About IA Clarington Investments
IA Clarington Investments Inc., a subsidiary of Industrial
Alliance Insurance and Financial Services Inc., offers a wide
variety of mutual funds managed by leading Canadian and
international portfolio managers. IA Clarington managed
approximately $6.5 billion in mutual fund assets as at November 30,
2006. The company's website address is www.iaclarington.com.