TORONTO, Sept. 19, 2014 /CNW/ - Mackenzie Financial Corporation (Mackenzie Investments) announced today that it will be changing the investment objectives and strategies of Mackenzie Canadian Short Term Yield Class (the Fund), on or about November 28, 2014.
As a result of tax law changes introduced in the 2013 Federal Budget, the Fund can no longer rely on character conversion transactions to provide investors with tax-efficient exposure to money market investments. Therefore, Mackenzie Investments believes it is in the best interest of investors for the Fund to invest substantially all of its assets directly in Mackenzie Canadian Money Market Fund. The Fund's investment objectives and strategies will change to permit this.
Concurrent with this change, the Fund will be renamed Mackenzie Canadian Money Market Class. The Fund remains closed to new investment, except that investments in other Mackenzie Financial Capital Corporation ("Capitalcorp") funds may be switched into Series A or F of the Fund.
Mackenzie Investments has received permission from the relevant securities regulators to change the Fund's investment objectives without investor approval. During the week of September 22, the company will send affected investors advance written notice of the changes. No action is required by investors.
To be consistent with all funds in Capitalcorp, the Fund's distribution policy is also changing so that dividends (if any) will be distributed annually instead of monthly.
Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $72.2 billion in assets under management as at August 31, 2014, Mackenzie Investments distributes its investment services through multiple distribution channels to both retail and institutional investors. Mackenzie Investments is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's premier financial services companies with approximately $144 billion in total assets under management as at August 31, 2014. For more information, visit mackenzieinvestments.com.
SOURCE: Mackenzie Financial Corporation
For further information: Liana George, Vice President, Corporate Communications, Mackenzie Investments, 416-967-2219, email@example.com