Vancity, Canada's largest credit union, has closed the sale of assets relating to Inhance Investment Management Inc.'s socially responsible investment mutual fund business.
The deal transfers approximately $92 million in assets under management to IA Clarington, a subsidiary of Industrial Alliance Insurance and Financial Services Inc. It includes the Inhance fund family, Vancity Circadian fund family and Vancity Perspectives portfolios.
Most of the Inhance funds have merged with IA Clarington's SRI funds, which will be offered through Vancity's and IA Clarington's distribution network.
The deal is part of a new long-term strategic relationship under which IA Clarington mutual funds will be distributed through Vancity branches.
Veteran fund managers Stephen MacInnes, Dermot Foley and other key members of Inhance Investment will remain with Vancity and continue to advise the new IA Clarington SRI funds.