Mackenzie announces fund shake up

Mackenzie announces fund shake up

Mackenzie announces fund shake up People often talk about the benefits of providing more options to consumers: the more choices people have, the better off they are. But eventually, a tipping point is reached where the consumer is provided with more choices than they know what to do with.

This analysis paralysis is what Mackenzie Investments sought to reduce when it announced ten fund mergers for its product shelf in a recent press release.

“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.

The terminating and continuing funds for each merger, all to be implemented on or around Nov. 25, are the following:
 
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
 
Except in the case of the Mackenzie Global Diversified Balanced Fund, all the fund mergers are subject to investor approval.

The same press release announced a change to the investment objectives of the Mackenzie Global Concentrated Equity Fund and Mackenzie Canadian Growth Fund. For the former, the change is proposed “to reflect a rules-based investment approach that will create a well-diversified portfolio with balanced exposures across sectors, industries and risk factors.” The proposed change for the latter seeks to clarify the fund’s investment approach by omitting references to fixed-income securities and government-issued securities.

Related Stories:
New Mackenzie funds and ETFs announced
Portfolio management changes announced for Mackenzie funds