Hiring bolters firm’s roster of income-oriented portfolio managers

By IE Staff |

IA Clarington Investments Inc. has hired Dan Bastasic as senior vice president, portfolio manager, the subsidiary of Industrial Alliance Insurance and Financial Services Inc. said Monday.

“We are extremely pleased to add a talented money manager like Dan Bastasic to our team,” says David Scandiffio, president, IA Clarington.

“Dan’s hiring further strengthens our capabilities in the large and growing market for income and equity income mandates. We see tremendous opportunities in this segment, driven by Canadian investors’ appetite for income. Dan will bolster our roster of income-oriented portfolio managers, which includes Aston Hill Financial, Industrial Alliance Investment Management, and Leon Frazer & Associates.”

In his most recent role, Bastasic was lead portfolio manager for the high yield and income-oriented equity mandates and co-lead of the fixed income team for Mackenzie Financial Corp. In this position, he managed several mutual funds with a combined $2.8 billion in assets under management.

Last week, Mackenzie reshuffled its line-up of income managers in the wake of Bastasic’s departure.

Bastasic has more than 15 years of investment experience. He has an MBA and holds a Chartered Financial Analyst (CFA) designation.

“Dan’s hiring gives us additional capacity to build on our positive momentum and increase our AUM,” adds Scandiffio. “We expect to introduce new funds for Dan to manage that will be consistent with his approach and complement our other successful income-oriented products, including those managed by Ben Cheng of Aston Hill.”

IA Clarington currently manages more than $10.6 billion in assets, an increase of almost 40% since December 31, 2009.