Mackenzie Financial Corporation Tuesday announced proposed changes involving three its European equity funds: Mackenzie Universal European Opportunities Fund; Mackenzie Universal European Opportunities Class; and Mackenzie Ivy European Class.

Change of portfolio manager

Effective November 29, the Mackenzie Ivy team will be appointed portfolio managers of Mackenzie Universal European Opportunities Fund and Mackenzie Universal European Opportunities Class. Concurrent with the portfolio management change, Mackenzie Universal European Opportunities Fund will change its name to Mackenzie Ivy European Fund.

As a result of the Ivy investment team assuming portfolio management responsibilities, there will be modifications to the investment strategies of the funds to align with the investment approach of Mackenzie Ivy European Class. 

Proposed fund merger
Mackenzie plans to merge Mackenzie Universal European Opportunities Class with Mackenzie Ivy European Class. The merger, which has been reviewed and approved by the Mackenzie Funds’ Independent Review Committee (IRC), would consolidate two funds that have similar investment objectives and the same portfolio manager.

The merger is expected to take place in the first half of 2011. Investors in Mackenzie Universal European Opportunities Class will be provided at least 60 days notice prior to the merger.

The merger is conditional upon approval by investors in Mackenzie Ivy European Class.

A special meeting of investors of Mackenzie Ivy European Class to consider and vote on the proposed merger is scheduled for March 25, at Mackenzie’s office in Toronto. If approved, the merger is expected to be effective March 29.

IE