Mackenzie Financial Corp. says it has completed the sale of Mackenzie’s 24.9% share ownership in U.K.-based investment firm Premier Asset Management plc.

The shares were sold to institutional investors in the U.K. through normal market facilities of the London Stock Exchange.

Mackenzie adds that Premier Fund Managers Ltd. of Guildford, England, a subsidiary of Premier, will continue to serve as sub-advisor to the Keystone Premier Funds and to Mackenzie Select Managers Far East Capital Class.

“The decision to sell our ownership in Premier, like the sale of our U.S. operations in 2002, is part of Mackenzie’s strategy to focus on its core Canadian distribution operations and the needs of Canadian independent financial advisors and their clients,” said Laurie Munro, executive VP, strategy and business planning, Mackenzie, in a statement.