IA Clarington and Vancity complete Inhance transaction and begin long-term strategic relationship
IA Clarington and Vancity complete Inhance transaction and begin long-term strategic relationship
IA Clarington launches new SRI Funds managed by Inhance portfolio managers
Toronto, ON and Vancouver, BC, 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.
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 and 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
Website: www.vancity.com