Mackenzie Investments is implementing automatic switching into its Private Wealth series.
Beginning April 13, 2017, and the second Friday of every month thereafter, investors with at least $100,000 per fund and households with at least $250,000 will be automatically switched into the appropriate Private Wealth series. Investors will be moved into the lowest-fee series for which they qualify. To provide cost protection against downward market movements, the firm will lock in the highest market value a portfolio has reached net of redemptions for fee calculation purposes.
Mackenzie will also align its retail and Private Wealth Solutions Preferred Pricing shelves by launching corresponding Private Wealth series where required. Additionally, the firm says it is reducing management fees and dealer compensation on certain fixed income funds “to align with the dealer compensation generally paid in the industry for funds in the fixed income categories.”
The following changes are effective April 3, 2017:
| Management fee (%) | SCS dealer compensation where applicable (%) | RCS and LL3 dealer compensation where applicable (%) | |||||||
| Fund | Current | New | Current | New | Current | New | |||
| Mackenzie Floating Rate Income Fund A/AR/T6/T8 | 1.60% | 1.55% | 0.65% | 0.50% | 0.30% | 0.25% | |||
| Mackenzie Floating Rate Income Fund SC/S6 | 1.40% | 1.25% | 0.65% | 0.50% | N/A | N/A | |||
| Mackenzie Global Tactical Bond Fund A/AR/T6/T8 | 1.60% | 1.55% | 0.65% | 0.50% | 0.30% | 0.25% | |||
| Mackenzie Global Tactical Bond Fund SC/S6 | 1.40% | 1.25% | 0.65% | 0.50% | N/A | N/A | |||
| Mackenzie Global Tactical Investment Grade Bond Fund A/AR/T6/T8 | 1.50% | 1.45% | 0.60% | 0.50% | 0.30% | 0.25% | |||
| Mackenzie Global Tactical Investment Grade Bond Fund SC/S6 | 1.25% | 1.15% | 0.60% | 0.50% | N/A | N/A | |||
| Mackenzie Investment Grade Floating Rate Fund SC/S6 | 1.15% | 1.10% | 0.55% | 0.50% | N/A | N/A | |||
| Mackenzie North American Corporate Bond Fund A/AR/T6/T8* | 1.50% | 1.45% | 0.75% | 0.50% | 0.30% | 0.25% | |||
| Mackenzie North American Corporate Bond Fund J** | 1.45% | 1.35% | 0.60% | 0.50% | N/A | N/A | |||
| Mackenzie North American Corporate Bond Fund SC/S6* | NEW | 1.25% | NEW | 0.50% | N/A | N/A | |||
| Mackenzie Strategic Bond Fund SC/S6 | 1.15% | 1.10% | 0.55% | 0.50% | N/A | N/A | |||
| Mackenzie Unconstrained Fixed Income Fund A/AR/T6/T8 | 1.45% | 1.40% | 0.65% | 0.50% | 0.30% | 0.25% | |||
| Mackenzie Unconstrained Fixed Income Fund SC/S6 | 1.25% | 1.10% | 0.65% | 0.50% | N/A | N/A | |||
| Mackenzie USD Global Tactical Bond Fund A/AR/T6/T8 | 1.60% | 1.55% | 0.65% | 0.50% | 0.30% | 0.25% | |||
| Mackenzie USD Global Tactical Bond Fund SC/S6 | 1.40% | 1.25% | 0.65% | 0.50% | N/A | N/A | |||
| Mackenzie USD Ultra Short Duration Income Fund SC/S6 | 0.90% | 0.80% | 0.35% | 0.25% | N/A | N/A | |||
| Mackenzie USD Ultra Short Duration Income Fund Series PW | 0.90% | 0.80% | 0.25% | 0.25% | N/A | N/A | |||
| Symmetry Fixed Income Portfolio A/AR/T6/T8/PW | 1.20% | 1.00% | 0.70% | 0.50% | 0.35% | 0.25% | |||
| *Mackenzie will introduce Series SC and S6, available in front-end purchase option only, for the North American Corporate Bond Fund. The front-end purchase option units of Series A and T6 of the fund will be rolled over to the new Series SC and S6, respectively, on April 3, 2017. | |||||||||
| **Not available for sale | |||||||||
Also effective April 3, 2017, Mackenzie Investments will reduce the management fees and trailing commissions on Series LB, LM and LX certain funds, as shown below.
| Fund | Current dealer compensation | New dealer compensation | Current management fee | New management fee |
| Mackenzie Strategic Bond Fund | 1.15% | 1.10% | 0.55% | 0.50% |
| Symmetry Fixed Income Portfolio * | 1.20% | 1.00% | 0.70% | 0.50% |
| *Series LM is capped | ||||