On November 7, Industrial Alliance will close eleven of its segregated funds and remove others from its Ecoflextra series.
In a communication sent to its sales force earlier this month, Industrial Alliance explained that it had decided to close the funds in order to simplify its offering. The funds to be closed and their replacements are:
| Original Fund | Replacement Fund |
| Fidelity Canadian Asset Allocation | Diversified Opportunity |
| Monthly Income (PH&N) | Diversified Income |
| Fidelity Dividend | Dividend Growth |
| Fidelity Dividend Hybrid | Dividend Growth Hybrid |
| Canadian Equity (Jarislowsky) | Canadian Equity Value |
| Canadian Leaders | Dividend Growth |
| Canadian Leaders Hybrid | Dividend Growth Hybrid |
| Global Equity (Mackenzie Cundill) | Global Equity |
| Global Equity (Mackenzie Cundill) Hybrid | Global Equity Hybrid |
| Global Equity Small Cap (Deutsche AWM) | Global Equity |
| International Equity (MFS) | International Equity |
In an effort to manage the risk associated with lifetime income guarantees, the insurer is also removing the following funds from the IAG SRP Ecoflextra Series and/or from the Ecoflextra Guaranteed Surrender Series:
| Original Fund | Replacement Fund |
| Fidelity Canadian Opportunities | Canadian Equity Growth |
| Fidelity Canadian Opportunities Hybrid | Canadian Equity Growth Hybrid |
| Tactical Income (Aston Hill) | Diversified Income |
| Global Dividend (Dynamic) | Global Equity |
| Global Dividend (Dynamic) Hybrid | Global Equity Hybrid |
Industrial Alliance says that the majority of these changes will result in reduced management fees for clients. Only the following four funds will be affected by fundamental changes and trigger the right to free exit; the first three because of an increase in management fees, and the last due fundamental changes to investment objectives:
| Original Fund | Replacement Fund |
| Canadian Leaders | Dividend Growth |
| Canadian Leaders Hybrid | Dividend Growth Hybrid |
| International Equity (MFS) | International Equity |
| Global Equity Small Cap. (Deutsche AWM) | Global Equity |
The insurer says that clients will receive letters this week to inform them of the upcoming changes and the options available.
