Effective June 1, Mackenzie Investments adds Putnam Investments as sub-advisor to several Mackenzie high-yield corporate bond funds.
Putnam will assume portfolio management responsibilities for Mackenzie Sentinel Corporate Bond Fund, Mackenzie Sentinel North American Corporate Bond Class and Mackenzie Sentinel Registered North American Corporate Bond Fund, as well as becoming one of the managers on the high-yield fixed income mandate of Symmetry Fixed Income Class and Symmetry Registered Fixed Income Fund.
At the end of April 2011, Putnam had $130 billion in assets under management, and Mackenzie Investments had $71.1 billion in AUM.
“Over the years, Putnam has built a comprehensive fixed income capability driven by an extraordinarily deep and talented team who have worked together, in many cases, for well over 10 years,” said Charles R. Sims, president and CEO of Mackenzie Financial Corporation. “The team has an enormous breadth of expertise particularly in high-yield credit.”
Putnam Investments and Mackenzie Investments became affiliated in 2007 when Great-West Lifeco Inc. acquired Putnam Investments. Putnam’s North American fixed-income corporate credit team includes four portfolio managers and 19 credit sector specialists that are part of a broader fixed income team with over 70 members.
Also as of tomorrow, Steve Locke, Sentinel team lead and Norman Raschkowan, Mackenzie Maxxum team lead will take over the Mackenzie Sentinel Strategic Income Class and Mackenzie Sentinel Registered Strategic Income Fund, replacing Dan Bastasic.