Mackenzie Investments hires McElvaine Investment Management as Sub-advisor

    Manager brings proven value-oriented investment experience

    TORONTO, Feb. 18 /CNW/ - Mackenzie Financial Corporation (Mackenzie
Investments) is pleased to announce that it has re-established ties with Tim
McElvaine and appointed McElvaine Investment Management Ltd. as sub-advisor to
Mackenzie Maxxum Canadian Value Fund, effective immediately, and Mackenzie
Maxxum Canadian Value Class, on February 23, 2009 (the "Funds").
    Effective February 26, 2009, the Funds will be renamed Mackenzie
Universal Canadian Value Fund and Mackenzie Universal Canadian Value Class.
    "We are delighted to be working with Tim McElvaine and his associates
again," said David Feather, President of Mackenzie Financial Services, Inc.
"Our firms have had a long standing association with one another, and Tim is
very familiar to financial advisors across the country. Previously, his
exceptional investment talents were only available to accredited, high net
worth investors. Through Mackenzie Universal Canadian Value Fund and Mackenzie
Universal Canadian Value Class, we will again offer Tim's expertise to all
Canadian investors."
    Tim McElvaine is the founder and President of McElvaine Investment
Management Ltd. and has been a value investor for almost 20 years. His
value-oriented philosophy was primarily developed during his tenure with the
Cundill organization, where he served as lead portfolio manager of the
Mackenzie Cundill Canadian Security Fund from 1992 to 1999, and manager of
Mackenzie Cundill Value Fund from 1998 to 2003. McElvaine also served as chief
investment officer of the organization from 1998 to 2003.
    "Financial advisors play an important role in most Canadians' financial
planning," said McElvaine. "Mackenzie has built its business providing
investment solutions and services to financial advisors and their clients, and
I am pleased to be working with the Mackenzie Investments team once again."
    Special meetings of the Funds will be held in the second quarter of 2009
to consider and vote on a number of proposals, including an amendment to the
investment objectives of the Funds and a proposal to merge the Funds. Complete
details of these changes will be delivered to investors of record in due

    Mackenzie Investments: Mackenzie Investments was founded in 1967, and is
a leading investment management firm providing investment advisory and related
services. With $52.5 billion in assets under management as of January 31,
2009, Mackenzie Investments distributes its services through a diversified
network of third-party financial advisors. 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 $97 billion in
total assets under management as of January 31, 2009.

For further information:

For further information: Catharine Marion, Environics Communications
Inc., (416) 969-2809,

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