IA Clarington Investments will launch the Elite Program, which gives fee discounts to high net worth investors.
Preferred pricing for people with more than $100,000 investing will start November 3. The money must be in Series E or P in a single IA Clarington fund in a single account.
People will receive additional discounts at $250,000 in a single account, and again at $500,000 and $1 million.
There’s also family pricing for related investors with more than $250,000 invested. It links eligible accounts to combine assets and take advantage of discounts.
Reductions are applied automatically, starting at $250,000, and the program is available in almost all fund options.
Series redesignations on selected funds
In a related announcement, IA Clarington says it will cap and redesign Series E and Series F purchase options on a number of its funds. It will also create two series to replace them. The changes will be in effect by the end of the day on Oct. 24.
The funds and series listed below will be redesignated as “EX” or “FX” and will be replaced with a new Series E or F.
All of the series redesignations will be completed as non-taxable switches with no impact on investors and no action required by advisors.
|Series E redesignations
|IA Clarington Strategic Income Fund||E||EX|
|IA Clarington Strategic Income Fund||E6||EX6|
|IA Clarington Focused Balanced Fund||E||EX|
|IA Clarington Focused Balanced Fund||E5||EX5|
|IA Clarington Canadian Balanced Class||E||EX|
|IA Clarington Canadian Balanced Class||E5||EX5|
|IA Clarington Tactical Income Fund||E||EX|
|IA Clarington Tactical Income Fund||E6||EX6|
|IA Clarington Focused Canadian Equity Class||E||EX|
|IA Clarington Focused Canadian Equity Class||E5||EX5|
|IA Clarington Global Opportunities Class||E||EX|
|Series F redesignations
|IA Clarington Canadian Balanced Fund||F||FX|
|IA Clarington Canadian Balanced Fund||F5||FX5|
|IA Clarington Canadian Balanced Class||F||FX|
|IA Clarington Canadian Balanced Class||F5||FX5|
|IA Clarington Tactical Income Fund||F||FX|
|IA Clarington Tactical Income Fund||F6||FX6|
|IA Clarington Tactical Income Fund||F8||FX8|
More capped funds and lower fees
In addition to the redesignations, IA Clarington is capping the following series to new purchases:
- IA Clarington Strategic Equity Income Fund Series E, Series E6, Series F, Series F6
- IA Clarington Global Opportunities Fund Series E, Series F (CDN and USD)
- IA Clarington Canadian Conservative Equity Fund Series F5
- IA Clarington Canadian Conservative Equity Class Series F5
Lastly, IA Clarington is lowering the fees on the following funds:
- IA Clarington Strategic Equity Income Class Series F & F6 management fee, from 0.95 to 0.90
- IA Clarington Global Opportunities Class Series F fixed rate administration fee, from 0.41 to 0.32
- IA Clarington Monthly Income Balanced Fund Series T6 fixed rate administration fee, from 0.28 to 0.18
- IA Clarington Strategic Corporate Bond Fund Series E5 fixed rate administration fee, from 0.22 to 0.19
- IA Clarington Canadian Conservative Equity Class Series E5 fixed rate administration fee, from 0.11 to 0.10