Mackenzie Financial Corporation has re-established ties with Tim McElvaine and has appointed McElvaine Investment Management Ltd. as sub-advisor to two of its funds, the company announced on Wednesday.

McElvaine Investment Management will be sub-advisor to the Mackenzie Maxxum Canadian Value Fund, effective immediately, and the Mackenzie Maxxum Canadian Value Class, effective Feb. 23, 2009.

Effective February 26, 2009, the funds will be renamed Mackenzie Universal Canadian Value Fund and Mackenzie Universal Canadian Value Class.

“We are delighted to be working with Tim McElvaine and his associates again,” said David Feather, president of Mackenzie Financial Services, Inc. “Our firms have had a long standing association with one another.”

McElvaine is the founder and president of McElvaine Investment Management Ltd. and has been a value investor for almost 20 years. His value-oriented philosophy was primarily developed during his tenure with the Cundill organization, where he served as lead portfolio manager of the Mackenzie Cundill Canadian Security Fund from 1992 to 1999, and manager of Mackenzie Cundill Value Fund from 1998 to 2003. McElvaine also served as chief investment officer of the organization from 1998 to 2003.

“Financial advisors play an important role in most Canadians’ financial planning,” said McElvaine. “Mackenzie has built its business providing investment solutions and services to financial advisors and their clients, and I am pleased to be working with the Mackenzie Investments team once again.”

The company will hold special meetings of the funds in the second quarter of 2009 to consider and vote on a number of proposals, including an amendment to the investment objectives of the funds and a proposal to merge the funds.