ClaringtonFunds Inc. announced today that Wells Capital Management Inc., based in San Francisco, will assume the sub-advisory responsibilities for four Clarington funds.

Wells replaces Montgomery Asset Management, LLC effective January 17 for the Clarington Asia Pacific Fund, Clarington Global Communications Fund, Clarington RSP Global Communications Fund and Clarington Global Communications Class of Clarington Sector Fund Inc.

Montgomery and Commerzbank, AG, Montgomery’s parent company, have entered into an agreement with Wells Fargo & Co. and its wholly owned subsidiary, Wells Capital, to acquire certain businesses of Montgomery’s investment management practice. This includes the investment advisory services provided on behalf of Clarington’s Asia Pacific and Global Communications portfolios.

The funds will continue to be managed according to the same investment objectives and strategies currently in place.

With respect to the Clarington Asia Pacific Fund, Frank Chiang, the current portfolio’s current manager at Montgomery, will move to Wells Capital and continue to be the lead portfolio manager.

Over the past several years, Stephen Parlett of Montgomery has been responsible for the day-to-day management of the Clarington Global Communications Fund and will move to Wells Capital as the lead portfolio manager of the Clarington Global Communications Fund, Clarington RSP Global Communications Fund and Clarington Global Communications Class.

In addition, the investment teams will be supported by the full resources and backing of Wells Capital.

“We have been extremely impressed with the skill of Montgomery’s investment team. To have their expertise complemented with the tremendous resources of the Wells organization will further strengthen their management capabilities,” said Eric Frape, Clarington’s vice president of product management.

Wells Capital manages over US$107 billion (as of Sept. 30, 2002) for corporate, public and private entities. Wells Capital is a subsidiary of Wells Fargo Bank, N.A. and Wells Fargo & Company.