TORONTO, Oct. 8, 2014 /CNW/ - As a result of a comprehensive retail pricing review, Mackenzie Financial Corporation (Mackenzie Investments) announced today changes designed to simplify and enhance its approach to the retail pricing of its mutual funds.
"Mackenzie Investments has been transforming to meet the changing needs of advisors and investors," said Jeffrey R. Carney, President and Chief Executive Officer. "Our new strategy delivers a simpler approach to pricing and more competitive fees."
"Last year we revitalized our product offer, creating a streamlined, more relevant lineup of funds and now the momentum continues," he added. "By simplifying our pricing, we are making it easier for advisors and investors to do business with us and we have reduced fees on certain funds."
In 2013, Mackenzie Investments introduced a new vision, stating that we are committed to the financial success of investors, through their eyes. The pricing initiative is part of a series of strategies to deliver on that vision and position the company as the leading provider in the market. Under this initiative, Mackenzie is focused on achieving clear, consistent and competitive pricing on its retail mutual fund product line-up. Other strategies in the transformation include attracting proven talent to the leadership and investment teams and affirming its commitment to be the leader in developing innovative and relevant products for the Canadian marketplace.
As part of these pricing changes, the company has aligned management fees within the income and balanced asset class categories resulting in fee reductions to 13 mutual funds. The decreases range from 15 to 25 basis points (100 basis points equals one percentage point) on these funds.
Mackenzie has also lowered fixed rate annual administration fees on many Series A, C, SC and T funds to align the rates applied within each asset class. In addition, administration fees have been lowered on Mackenzie's entire offering of Series F mutual funds. Series F funds are available to retail investors who are enrolled in a dealer-sponsored fee-for-service or wrap program. As fee-based advice is increasingly adopted, this administration fee reduction on all Series F funds will give investors and their advisors increased access to a competitively priced, well-diversified suite of investment strategies on the fee-based platform.
"We continue to partner with financial advisors who provide advice to clients under the embedded fee model or within a fee-based structure," said Mr. Carney. "We are committed to offering flexible, competitive products that can work seamlessly with an advisor's business model of choice."
These changes were effective on September 29. Detailed information including Fee Schedules Estimating Impact of Price Reductions can be found at www.mackenzieinvestments.com/mer.
Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $70.0 billion in assets under management as at September 30, 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 $141 billion in total assets under management as at September 30, 2014. For more information, visit mackenzieinvestments.com.
SOURCE: Mackenzie Investments
For further information: Liana George, Vice President, Corporate Communications, Mackenzie Investments, 416-967-2219, [email protected]; Trish Tervit, Account Director, Environics Communications, 416-969-2809, [email protected]