IA Clarington launches new SRI Funds managed by Inhance
portfolio managers
Toronto, December 7, 2009 - IA Clarington
Investments Inc. ("IA Clarington"), a wholly owned subsidiary of
Industrial Alliance Insurance and Financial Services Inc.
("Industrial Alliance"), has completed the purchase of certain
assets relating to the socially responsible investing ("SRI")
mutual fund business of Inhance Investment Management Inc.
("Inhance"), a wholly owned subsidiary of Vancouver City Savings
Credit Union ("Vancity"), as well as the merger of the Inhance
managed funds with funds managed by IA Clarington. The transaction
represents the beginning of a long-term strategic relationship for
the distribution of IA Clarington mutual funds through Vancity
branches.
Today, Industrial Alliance also launched a socially responsible
segregated fund - the SRI Balanced (Inhance) Fund - within its
Guaranteed Minimum Withdrawal Benefit GMWB product, Ecoflextra.
This fund offers the additional benefits of capital protection and
a guaranteed income stream.
"We see socially responsible investing as a natural response to
the increased global focus on environmental respect and supporting
the communities in which we live and work," said David Scandiffio,
President of IA Clarington. "We feel it is important to broaden our
current fund line-up, and do so in a way that provides investors
with investments that they can feel good about."
The Inhance fund family, Vancity Circadian fund family and
Vancity Perspectives portfolio solutions family have been merged
with funds managed by IA Clarington and represent approximately $92
million in assets under management ("AUM"), bringing IA
Clarington's total AUM to well over $7 billion. Most of the Inhance
funds have merged into new IA Clarington SRI funds, which will be
offered nationally through IA Clarington's distribution network, as
well as through Vancity branches.
Veteran fund managers Stephen MacInnes, Dermot Foley and other
key members of the existing in-house Inhance investment team will
remain with the Vancity group and continue to advise the new IA
Clarington SRI funds. The team was recently recognized at the 2009
Canadian Investment Awards, winning the Socially Responsible
Investment Fund Award.
"We were very pleased to be able to maintain the Inhance
portfolio management team," said Mr. Scandiffio. "They are
recognized leaders in this category and bring a vast amount of
experience to the table."
"Establishing this relationship with Industrial Alliance and IA
Clarington means our members can continue to access high quality
SRI funds at their local Vancity branch," said Tamara Vrooman,
President and Chief Executive Officer of Vancity. "It enables us to
retain our SRI expertise and focus on what we do best, while
bringing socially responsible investments to a much wider
marketplace. IA Clarington is a strong, experienced mutual fund
manufacturer that offers a large family of funds for our members to
choose from."
The fund mergers were approved by unitholders of the Inhance
fund family, Vancity Circadian fund family and Vancity Perspectives
portfolio solutions family on December 2, 2009.
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 well-being
of over three million Canadians, employs more than 3,500 people and
manages and administers over $56 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.
About IA Clarington
IA Clarington Investments Inc., a subsidiary of Industrial
Alliance Insurance and Financial Services Inc., markets a wide
range of investment products, including mutual funds and segregated
funds managed by leading portfolio advisors. As at October 31,
2009, IA Clarington managed more than $7 billion in assets.
About Vancity
Vancity is one of Canada's largest credit unions, with $14.5
billion in assets, more than 400,000 members, and 59 branches
throughout Greater Vancouver, the Fraser Valley, Victoria and
Squamish. Vancity is guided by a commitment to improving the
quality of life in the communities where we live and work.
About Inhance
Inhance is a Canadian investment management company owned by
Vancity and dedicated to being a leader in evolving the socially
responsible investment arena.
Not for distribution to U.S. news wire services or
dissemination in the United States.
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Information: IA Clarington and Industrial
Alliance
David Scandiffio, President
IA Clarington Investments Inc.
416 860-9880; toll-free 1 800 860-9880
Email: david.scandiffio@iaclarington.com;
websites: www.iaclarington.com; www.feelgoodinvesting.com
For investor relations and media inquiries in the Province of
Quebec:
Jacques Carrière, Vice-President, Investor Relations
Industrial Alliance Insurance and Financial Services
Inc.
418 684-5275; cell: 418 576-3624
Email: jacques.carriere@inalco.com;
website: www.inalco.com
For information and media inquiries: Vancity and
Inhance
Vancity Media Relations
778 837-0394
Email: mediarelations@vancity.com