Industrial Alliance Closes its Acquisition of Co-operators Mutual Funds and Introduces a new Subsidiary: Industrial Alliance Mutual Funds
Industrial Alliance Insurance and Financial Services Inc. (Industrial Alliance) is pleased to announce the closing of its acquisition of Co-operators Mutual Funds Limited (CMFL). Industrial Alliance recently obtained the necessary authorizations from various regulatory authorities allowing it to conclude this acquisition, which was initially announced last August 15. The acquisition of CMFL marks an important step in the Company’s growth strategy as it will allow Industrial Alliance to manufacture and manage its own line of mutual funds.
The name of Co-operators Mutual Funds Limited has been changed to Industrial Alliance Mutual Funds Inc. and the firm becomes a subsidiary of Industrial Alliance Insurance and Financial Services. David Scandiffio, who has several years of experience in the mutual fund sector, has been named president of the new Toronto-based company.
Industrial Alliance Mutual Funds begins operations with CMFL’s eight existing mutual funds, which are being renamed as follows: the IA Canadian Conservative Equity Fund (formerly the Co-operators Canadian Conservative Focused Equity Fund), the IA Canadian Core Equity Fund (formerly the Co-operators Canadian Core Equity Fund), the IA Canadian Balanced Fund (formerly the Co-operators Canadian Balanced Fund), the IA Canadian Bond Fund (formerly the Co-operators Canadian Bond Fund), the IA Canadian Money Market Fund (formerly the Co-operators Canadian Money Market Fund), the IA Credit Suisse Global Equity Fund (formerly the Co-operators/Credit Suisse Global Equity Fund), the IA Crystal Enhanced Index America Fund (formerly the Co-operators/Crystal Enhanced Index RSP Fund), and the IA Crystal Enhanced Index World Fund (formerly the Co-operators/Crystal Enhanced Index World Fund). These eight funds have an estimated market value of $90 million.
"We are very excited at the opportunity to offer advisors and their clients access to some truly hidden gems in the Canadian marketplace," noted David Scandiffio. "Advisors will be well-served by funds such as the IA Canadian Conservative Equity Fund, a little known fund that has been consistently applauded by industry experts for its resilient performance over a more than fifty year history. Our objective is to build on the successes of these funds as we provide a broadened line-up of unique, competitive and best-of-breed fund solutions."
"While our short-term objective is to endow Industrial Alliance with a solid base in all wealth management sectors, our ultimate objective remains to provide representatives with a complete range of life insurance products, mutual funds, segregated funds and securities so that they themselves may perform an effective and integral management of their clients’ wealth," commented Normand Pépin, Executive Vice-President at Industrial Alliance and architect of the Company’s strategy in the individual financial products and services distribution sector.
About Industrial Alliance
Industrial Alliance is a life and health insurance company that offers a full line of insurance products and financial services. Created in 1892, Industrial Alliance is now the parent company of a large financial group – the Industrial Alliance Group – which has operations throughout Canada. The sixth largest life and health insurance organization in Canada, the Industrial Alliance Group insures more than 1.5 million Canadians, employs over 2,100 people, and manages and administers $18.6 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is one of the 100 largest public companies in Canada.
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Vice-President, Investor Relations
Industrial Alliance Insurance and Financial Services
Office: (418) 684-5275
Cell: (418) 576-3624