Mackenzie announces fund changes

The changes include:

• Proposed fund reorganizations and mergers
• Fund launches
• Fund enhancements
• Renaming some investment teams
• Proposed changes to investment objectives
• New fund-naming convention

Fund mergers

There are 29 proposed fund mergers, 19 of which are conditional upon investor and regulatory approval. Full details will be outlined in a management information circular and proxy to be mailed to investors in June.

Read: Mackenzie names VP for global client relations

A vote on the proposed mergers is scheduled for July 31, 2013 at the company’s Toronto office. If approved, the terminating funds will no longer be available for new purchases, Mergers will be effective on August 2, 2013.

Fund launches

Subject to final regulatory approval, the two funds slated to launch on May 7, 2013 are both managed by the Mackenzie Fixed Income Team.

• Mackenzie Strategic Bond Fund seeks to provide a steady flow of income by investing primarily in Canadian government and corporate fixed-income instruments and asset-backed securities with maturities of more than one year. Preservation of capital is an important factor in the selection of portfolio investments.

• Mackenzie Floating Rate Income Fund seeks to generate current income by investing primarily in floating rate debt obligations and other floating rate debt instruments of issuers located anywhere in the world.

Fund enhancements

Effective May 1, 2013 the fixed-income portion of the following balanced funds will be managed by the Mackenzie Fixed Income Team: Mackenzie Ivy Global Balanced Fund, Mackenzie Ivy Growth & Income Fund and Mackenzie Cundill Canadian Balanced Fund. There are no changes to the equity portion or the asset allocation of the funds.

Read: Mackenzie establishes U.S. presence

Mackenzie Investments has also augmented its portfolio management capabilities by appointing Singapore-based subsidiary Mackenzie Investments Pte. Ltd. as a sub-advisor to Mackenzie Absolute Return Asia Fund (to be renamed Mackenzie Asian Bond Fund) and Symmetry Global Bond Fund, to manage Asian fixed income and global macro strategies. Neither is available to retail investors but each will be allocated a weight in the global fixed-income component of select Symmetry Portfolios.

Renaming some investment teams

To help clarify investment choices, many of the investment teams will be identified by their areas of expertise rather than sub-brand name. For instance, the Mackenzie Saxon Team will be renamed the Mackenzie All Cap Value Team.

Read: Mackenzie announces changes to Cundill team

Familiar team names Cundill and Ivy, along with the Symmetry managed asset program, are well established and will remain.

Proposed enhancements to investment objectives

Subject to investor approval, the funds listed below will have their investment objectives enhanced.

• Mackenzie Ivy Enterprise Fund and Mackenzie Ivy Enterprise Class: The investment objectives of these funds will be broadened so the funds can invest in global equity securities of small- and mid-capitalization companies. Phil Taller, who has expertise in U.S. small-to-mid-cap equities, and Chuck Bastyr, who has expertise in global small-to-mid-cap equities, will co-manage these funds. The funds will be renamed Mackenzie Global Small Cap Growth Fund and Mackenzie Global Small Cap Growth Class, respectively.

• Mackenzie Universal Global Infrastructure Income Fund: Investment objectives will expand so the fund can invest in global equity securities of companies that pay dividends. Current limitations to investing primarily in infrastructure-related businesses will be lifted. The fund will be renamed Mackenzie Global Dividend Fund.

• Mackenzie Universal North American Growth Class: Investment objectives will change so the fund can invest in equity securities of American companies. Current ability to invest mainly in equity securities of North American companies will narrow. The fund will be renamed Mackenzie U.S. Growth Class.

View full details about all changes.