Mackenzie Investments today announced that shareholders have approved the merger of four equity pools into one in Symmetry, its customized pooled wrap program.
The availability of a single equity pool — Symmetry Equity Class — will simplify the investment process and reporting, resulting in more clear and concise investment statements. Investors will also benefit from lower operating expenses due to anticipated reductions in trading costs and economies of scale associated with creating a larger pool. The change is effective on or about December 8, 2006.
The four pools to be merged into Symmetry Equity Class are: Symmetry Canadian Stock l Class; Symmetry US Stock Class; Symmetry EAFE Stock Class; and Symmetry Specialty Stock Class.
Following the merger, Symmetry portfolios will be constructed using two pools: the consolidated equity pool — Symmetry Equity Class — and a fixed income pool — Symmetry Managed Return Class (or Symmetry Registered Fixed Income Pool for registered accounts).
Symmetry Equity Class will continue to pursue the same objective of long-term capital growth as the original four equity pools. There are no tax consequences resulting from the merger.