TORONTO, Sept. 29, 2015 /CNW/ - Mackenzie Financial Corporation (Mackenzie Investments) announced today that it will be changing the investment objectives, investment strategies and availability for purchase of certain products, in order to enhance the investor experience.
Mackenzie Canadian Large Cap Growth Fund
Effective September 29, 2015, the Mackenzie Systematic Strategies Team will assume lead management of Mackenzie Canadian Large Cap Growth Fund, the equity component of Mackenzie Canadian Large Cap Balanced Fund and a number of institutional accounts. The Mackenzie Systematic Strategies Team will be led by Rick Weed, Senior Vice President, Investment Management.
Concurrent with this change, Mackenzie Investments will be increasing the foreign content limit of the Mackenzie Canadian Large Cap Growth fund from 30 per cent to 49 per cent.
Mackenzie Canadian All Cap Dividend Fund and Mackenzie Canadian All Cap Dividend Class
Effective September 29, 2015, the Mackenzie Canadian All Cap Dividend Fund and Mackenzie Canadian All Cap Dividend Class will increase the foreign content limit from 10 per cent to 30 per cent.
The foreign content limit for the aforementioned funds will be increasing to provide more flexibility and opportunities in the mandate.
Mackenzie Strategic Income Class
Mackenzie Investments will be changing the investment objectives and strategies of Mackenzie Strategic Income Class (the Class), on or about December 10, 2015.
After December 10, as a result of tax law changes introduced in the 2013 Federal Budget, the Class can no longer rely on character conversion transactions to provide investors with tax-efficient exposure to Mackenzie Strategic Income Fund (the Fund). Therefore, Mackenzie Investments believes it is in the best interest of investors of the Class to invest substantially all of its assets directly in the Fund. The investment objectives and strategies of the Class will change to permit this.
The Class remains closed to new investment, except that switches from one series of the Class to another series of the Class will continue to be permitted.
Mackenzie Investments has received permission from the relevant securities regulators to change the investment objectives of the Class without investor approval. During the week of October 5, the company will send affected investors advance written notice of the changes. No action is required by investors.
Purchase restrictions on certain Corporate Class Funds
After January 29, 2016, Mackenzie Investments will no longer permit registered accounts to purchase the securities of thirteen corporate class funds (the Restricted Funds). Taxable accounts may continue to purchase the securities of the Restricted Funds.
Each Restricted Fund is also offered as a trust fund, so registered accounts may continue to access these mandates by purchasing securities of the respective trust funds. Registered accounts are also encouraged to switch any existing investments in a Restricted Fund to its equivalent trust fund.
The Restricted Funds are:
- Mackenzie Canadian All Cap Balanced Class
- Mackenzie Canadian Money Market Class
- Mackenzie Cundill Recovery Class
- Mackenzie Cundill Value Class
- Mackenzie Global Concentrated Equity Class
- Mackenzie Global Small Cap Growth Class
- Mackenzie International Growth Class
- Mackenzie Ivy Foreign Equity Class
- Symmetry Conservative Income Portfolio Class
- Symmetry Conservative Portfolio Class
- Symmetry Balanced Portfolio Class
- Symmetry Moderate Growth Portfolio Class
- Symmetry Growth Portfolio Class
About Mackenzie Investments
Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $61.3 billion in assets under management as at August 31, 2015, 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 over $133 billion in total assets under management as at August 31, 2015. For more information, visit mackenzieinvestments.com.
SOURCE Mackenzie Investments
For further information: Trish Tervit, Director, Communications and Media Relations, Mackenzie Investments, 416-967-2166, [email protected]