The firm announced a slew of proposed mergers for some in-house funds and funds it manages
Mackenzie Investments has announced proposals to merge two of its offerings, as well as several outside funds it manages, to simplify offerings for investors.
The firm is proposing to merge the Mackenzie Canadian All Cap Dividend Fund into the Mackenzie Canadian Large Cap Dividend Fund. Similarly, it has proposed to merge the Mackenzie Canadian All Cap Dividend Class into the Mackenzie Canadian Large Cap Dividend Class.
The Mackenzie Canadian Large Cap Dividend Mandate is currently managed by Martin Downie, senior vice-president and portfolio manager and Tim Johal, vice-president and portfolio manager. In light of the proposed changes, the two will be designated to manage the all-cap dividend mandate as well.
In a separate statement, the firm also announced planned mergers for the Quadrus Group of Funds, a product offering it manages for Quadrus Investment Services:
|
Existing Fund (terminating) |
To be merged into (continuing Fund) |
|
Short Term Bond Fund (Portico) |
Money Market Fund |
|
Real Return Bond Fund (Portico) |
Core Bond Fund (Portico) |
|
Canadian Equity Class |
Canadian Dividend Class1 (Laketon) |
|
North American Specialty Class |
Mackenzie U.S. Mid Cap Growth Class1 |
|
U.S. and International Equity Class |
Global All Cap Equity Class (Setanta)1 |
|
U.S. and International Specialty Class |
Global All Cap Equity Class (Setanta)1 |
|
U.S. Value Fund (London Capital) |
U.S. Value Fund (Putnam) |
The mergers are subject to the approval of investors in the funds. Investors of record as of December 4 will be notified of a special meeting to be held on or about January 18, 2019. Should they be approved, the mergers will take effect on February 8, 2019.
Investors in Mackenzie Canadian Large Cap Dividend Class will also be asked to vote on a change to the fund’s investment objective. The change would allow the fund to invest in mutual-fund securities in the same manner as the Canadian all-cap dividend mandate.
