TORONTO, Sept. 22, 2016 /CNW/ - Mackenzie Financial Corporation (Mackenzie Investments) announced today ten fund mergers to simplify choices and to help advisors navigate its product shelf. In addition, the firm is proposing a change to the investment objectives of Mackenzie Global Concentrated Equity Fund and Mackenzie Canadian Growth Fund. Nine of the proposed mergers and both of the proposed investment objectives changes are subject to investor approval. Investors of record as of October 7, 2016 will receive a notice of meeting and information circular describing the proposals in advance of a special meeting of investors.
"We are continuing our commitment to the financial success of investors through their eyes by helping advisors find appropriate products more easily, which will give them more time to serve their clients better," said Barry McInerney, President and Chief Executive Officer of Mackenzie Investments. "Mackenzie Investments is committed to developing innovative solutions to help advisors and their clients manage risks such as longevity, volatility and inflation."
"After these mergers, Mackenzie Investments will continue to have one of the broadest product shelves in the Canadian marketplace that is positioned to capture the spectrum of market environments," said Michael Schnitman, Senior Vice President of Product for Mackenzie Investments. "We should always provide clients with products that reflect the world in which we operate."
The terminating and continuing Mackenzie Funds for each proposed merger (to be implemented on or about November 25, 2016) are listed in the following table:
| Existing Fund (terminating fund) |
To be merged into (continuing fund): |
| Mackenzie Global Diversified Balanced Fund* |
Mackenzie Global Strategic Income Fund |
| Mackenzie Global Asset Strategy Fund |
Mackenzie Global Strategic Income Fund |
| Mackenzie Real Return Bond Fund |
Mackenzie Canadian Bond Fund |
| Mackenzie Global Bond Fund |
Mackenzie Global Tactical Bond Fund |
| Mackenzie All Cap Dividend Class |
Mackenzie Canadian All Cap Dividend Class |
| Mackenzie Canadian Concentrated Equity Fund |
Mackenzie Canadian Growth Fund |
| Mackenzie Diversified Equity Fund |
Mackenzie Global Dividend Fund |
| Mackenzie Global Diversified Equity Class |
Mackenzie Global Dividend Fund |
| Mackenzie Global Concentrated Equity Class |
Mackenzie Global Concentrated Equity Fund |
| Mackenzie USD Convertible Securities Fund |
Mackenzie USD Global Tactical Bond Fund |
*Investor approval is not required for this merger
Mackenzie proposes to change the investment objectives of Mackenzie Canadian Growth Fund to clarify its investment approach by removing references to fixed-income securities and government issued securities. The portfolio manager has not traditionally invested in fixed-income or government securities and does not expect to invest in these securities. As such, the change to the objectives is being proposed for clarification purposes and Mackenzie does not expect the change to impact current or future holdings.
In addition, Mackenzie Investments proposes to change the investment objectives of Mackenzie Global Concentrated Equity Fund to reflect a rules-based investment approach that will create a well-diversified portfolio with balanced exposures across sectors, industries and risk factors. If this change is approved by investors, coordinated investment strategy will lead to a more consistent investment experience. If this objectives change is approved by investors, Rick Weed, Senior Vice President and Portfolio Manager, will be named lead portfolio manager of the fund.
About Mackenzie Investments
Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $63.9 billion in assets under management as at August 31, 2016, 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 $139 billion in total assets under management as at August 31, 2016. For more information, visit mackenzieinvestments.com.
SOURCE Mackenzie Investments
Trish Tervit, Director, Communications and Media Relations, Mackenzie Investments, 416-967-2166, [email protected]
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