IA Clarington Investments is making enhancements to its Elite Program allowing for further flexibility and additional fee discounts for investors. IA Clarington originally launched its Elite Program for high net worth investors in October 2014.
With the launch of the new Series FE, investors who are in fee-for-service accounts are eligible for significant fee discounts with a minimum investment of USD100,000 in a single IA Clarington fund in a single account. The new series provides all of the benefits of the Elite Program including tiered rebates as assets grow as well as lower initial management fees.
"We recognise advisors are increasingly adopting fee-for-service models and in response are enhancing our Elite Program to provide qualifying investors with premium pricing. We continue to offer fee discounts back to dollar one," says Eric Frape, Senior Vice President, Products and Investments. "Our Elite Program allows advisors to do business the way they want with competitive pricing benefits for their clients."
Also effective June 29, 2015, IA Clarington is introducing additional Series available for purchase. IA Clarington US Dividend Growth Fund will now be available in Series FE, L, L6, T6, F6. US dollar (USD) purchase options for IA Clarington US Dividend Growth Fund, Series A, E, F, F6, FE, L, L6, P, and T6 will also be available. Series L6 is being launched for the IA Clarington Monthly Income Balanced Fund. Effective 15 June, 2015, IA Clarington lowered the risk classification on the IA Clarington Target Click 2020 Fund to low risk from low to medium. Additionally, the Company announced effective July 1, 2015, that it is hard capping US dollar purchase options for four of its funds; IA Clarington Sarbit US Equity Fund, IA Clarington Floating Rate Income Fund, IA Clarington Core Plus Bond Fund, and IA Clarington Strategic US Growth & Income Fund.
Lastly, IA Clarington has elected not to renew the simplified prospectus of the IA Clarington Canadian Mid Cap Dividend Fund. Effective 1 June, 2015 all Series are no longer available for purchase, with the exception of Series I and O, which remain open, subject to investors meeting the necessary eligibility requirements.
