IA Clarington to close Global Small Cap fund

IA Clarington Investments has proposed changes to its fund family, which are designed to streamline its mutual fund line-up for investors.

The company has proposed the IA Clarington Global Small Cap Fund be merged into IA Clarington Global Equity Fund, effective June 25, 2012. The fund will continue to be managed by Radin Capital Partners (RCP), but will change its name to IA Clarington Global Opportunities Fund. In addition, the IA Clarington Global Small Cap Fund will be closed to new sales, with the exception of PACs, at the end of business on April 20, 2012.

“These changes reflect an initiative to streamline the IA Clarington mutual fund family and provide advisors and investors with increased operational efficiencies,” said David Scandiffio, president of IA Clarington.

RCP, led by Brad Radin, currently manages both funds using the same investment approach. The small cap fund being merged, however, has a greater bias towards small cap stocks.

Investors will be asked to ratify the proposal at a meeting scheduled for June 18, 2012. A proxy-voting package and information circular detailing the merger will be sent to unitholders in late May.

The IA Clarington board of directors approved the merger at a meeting on Tuesday. The review committee of the funds also considered the matter and provided a positive recommendation that the merger would achieve a fair and reasonable result.

Staff

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