Toronto-based Mackenzie Financial Corp. has announced that Mackenzie Universal Canadian Tactical Fund is closed to new sales and will be terminated, pending a unitholder vote in May (the exact date still has to be announced). The firm cites difficulty reaching economies of sale as the reason for its decision. Olivia Kilroy, product manager, says investors may switch their assets to other Mackenzie funds or redeem at any time. The fund has about $520,000 in gross assets.
The funds accounted for at least US$350 billion in global net asset value in 2023
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