IAIM to manage IA Clarington Target Click

IA Clarington Investments has named Industrial Alliance Investment Management (IAIM) as portfolio advisor for IA Clarington’s line of Target Click Funds as well as their underlying equity component.

IAIM currently manages $9.2 billion in segregated funds, and has total assets under management of $49.5 billion as of June. IAIM will be replacing BNP Paribas Investment Partners Canada Ltd., as portfolio advisor for the Target Click Funds.

IA Clarington president David Scandiffio pointed out that this change in no way reflects the performance or service of BNP Paribas.

“Our selection of IAIM to manage the Target Click Funds will enable us to expand our product offering and capitalize on IAIM’s deep experience in segregated funds and growing in-house capabilities in structured products and derivatives,” said David Scandiffio, president of IA Clarington. “There will be no change to the structure and the transition will be seamless for existing unitholders.”

With this change IA Clarington’s parent company, Industrial Alliance, will become the guarantor of the funds, replacing Fortis Bank S.A./N.V. Industrial Alliance has an A+ financial strength credit rating with a stable outlook from Standard & Poor’s.

The change is expected to take place in the fourth quarter of 2011, subject to approval.

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