Industrial Alliance to Enter Socially Responsible
Investing Marketplace Through a Long-term Strategic Relationship
with Vancity
Vancity to retain unique, industry-leading SRI investment
approach through sub-advisor relationship
Vancouver, October 1, 2009 - IA Clarington Investments Inc. ("IA
Clarington"), a wholly owned subsidiary of Industrial Alliance
Insurance and Financial Services Inc. ("Industrial Alliance" or
"IA"), and Vancouver City Savings Credit Union ("Vancity")
announced today they have entered into a definitive agreement
whereby IA Clarington will purchase the socially responsible
investing ("SRI") mutual fund business of Inhance Investment
Management Inc. ("Inhance"), a wholly owned subsidiary of Vancity,
and enter into a long-term strategic relationship for the
distribution of IA Clarington mutual funds through Vancity
branches.
Inhance is a Canadian mutual fund company with approximately $75
million of mutual fund assets under management ("AUM") and a
recognized industry leader in the SRI arena. Founded in 2001,
Inhance is based in Vancouver and is owned by Vancity, one of
Canada's largest credit unions, with $14.5 billion in assets, more
than 400,000 members, and 60 retail branches in the Greater
Vancouver area, Fraser Valley, Victoria, and Squamish.
The Inhance fund family will be merged with six new SRI funds
(the "IA Clarington SRI funds") to be launched on the IA Clarington
investment funds platform, and with two existing IA Clarington
funds. Veteran fund managers Stephen MacInnes, Dermot Foley and
other key members of the existing in-house Inhance investment team
will remain with Vancity Investment Management Inc. after the
transaction to act as sub-advisor for the new IA Clarington SRI
funds.
"Industrial Alliance is pleased to partner with a premier
organization such as Vancity, which is recognized both for its
sound financial management and for its outstanding contributions to
the communities it serves", said Normand Pépin, Executive
Vice-President of Industrial Alliance. "The addition of Inhance's
SRI mutual fund business represents a natural evolution of IA's
commitment to corporate social responsibility and a continuation of
IA's best-of-breed investment philosophy through the addition of a
top-rated Canadian SRI investment advisor. It also provides access
to a new distribution network in Western Canada made up of
experienced financial advisors."
"This is an excellent opportunity for Vancity and Inhance," said
Tamara Vrooman, President and Chief Executive Officer of Vancity. "
Vancity will retain Inhance's renowned team of advisors who
pioneered socially responsible investing that is now considered
'best in class,' and, by partnering with IA Clarington, will see
socially responsible investments brought to a much wider
marketplace. This aligns with Vancity's vision and our strategy to
focus on what we do best. Additionally, IA Clarington has a strong
management team with stability and depth of experience and a large
family of funds for our members to choose from."
The transaction is subject to unitholder, regulatory and other
approvals. It is expected to close in mid-December, 2009. Further
details regarding the proposed transaction will be provided to
Inhance mutual fund investors in connection with the meetings to be
held regarding the fund mergers.
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 $54 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. IA Clarington managed
about $7 billion in assets as at August 31, 2009.
About Vancity
Vancity is one of Canada's largest credit unions, with $14.5
billion in assets, more than 400,000 members, and 60 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, with a mission of creating wealth for
Canadian investors through Return on Responsibility™.
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
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
Karen Lee, Acting Director, Communications
Vancity
778 837-0394
Email: Media_relations@vancity.com