TORONTO, Nov. 4 - Industrial Alliance Insurance
and Financial Services Inc. ("IA") is pleased to announce the
acquisition of all issued and outstanding shares of Sarbit Asset
Management Inc. ("SAMI").
IA's intention to acquire SAMI was announced on September 8,
2008, and the transaction closed on October 31, 2008. SAMI will be
controlled by IA's subsidiary, IA Clarington Investments Inc. ("IA
Clarington").
"Investors in IA Clarington funds will now have access to the
considerable talents of Larry Sarbit, founder of Sarbit Asset
Management and a Portfolio Manager with over 28 years' experience,"
said David Scandiffio, President of IA Clarington. "We are thrilled
that Mr. Sarbit will continue providing his unique style of
portfolio management to Sarbit U.S. equity funds, adding to the
breadth and depth of our product offer at IA Clarington."
"IA is firmly committed to meeting the needs of investors and
financial advisors," said Larry Sarbit. "Following the integration,
investors will have the ability to switch between funds within the
entire IA Clarington line-up, offering them a broad range of
investment options, a strong commitment to investment performance
and quality client service."
The Sarbit funds will be integrated into the IA Clarington fund
family in the coming months. Larry Sarbit will continue to manage
the flagship Sarbit U.S. Equity Trust, and Francois Lalande,
Vice-President at Industrial Alliance Investment Management Inc.,
will assume responsibility for the Sarbit Real Return Bond Trust.
In addition, a number of smaller funds will be wound-up or merged
into existing IA Clarington funds with similar mandates.
In order to streamline the fund line-up and provide greater cost
efficiency for investors, the following funds will be closed on or
shortly after December 31, 2008: Sarbit Global Equity Trust, Sarbit
Global Balanced Trust and Sarbit Canadian Equity Trust.
About IA Clarington
IA Clarington managed approximately $6.5 billion in mutual fund
and closed-end fund assets as at October 31, 2008. IA Clarington
maintains offices in Toronto, Calgary, Vancouver, Montreal and
Quebec City.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial
Services Inc. is a life and health insurance company that offers a
wide range of life and health insurance products, savings and
retirement plans, RRSPs, mutual and segregated funds, securities,
auto and home insurance, mortgage loans and other financial
products and services. The fourth largest life and health insurance
company in Canada, Industrial Alliance is at the head of a large
financial group, which has operations across Canada, as well as in
the Western United States. Industrial Alliance contributes to the
financial wellbeing of over three million Canadians, employs more
than 3,300 people and manages and administers over $51 billion in
assets. Industrial Alliance stock is listed on the Toronto Stock
Exchange under the ticker symbol IAG. Industrial Alliance is among
the 100 largest public companies in Canada.