Toronto-based Mackenzie Financial Corp. is streamlining its product shelf with two mutual fund mergers, the firm announced Friday.
Mackenzie Canadian All Cap Dividend Fund will be terminated and merged into Mackenzie Canadian Large Cap Dividend Fund, while Mackenzie Canadian All Cap Dividend Class will be merged into Mackenzie Canadian Large Cap Dividend Class.
If approved, the mergers will take effect Feb. 8, 2019.
Martin Downie, senior vice president, portfolio Manager and Tim Johal, vice president, portfolio manager will become the portfolio managers on Mackenzie Canadian All Cap Dividend mandate in addition to the portfolio manager roles they already hold on the Mackenzie Canadian Large Cap Dividend mandate.
Downie began his career in the investments industry in 1984 and is head of the Mackenzie North American equities team. Johal began his career in the investments industry in 2000.
Investors of Mackenzie Canadian Large Cap Dividend Class are also requested to approve a change to the fund’s investment objective, the firm says, that would enable the fund to invest in mutual fund securities in the same manner as the terminating fund.
On the Mackenzie Cundill Team, Simon Chiu, associate portfolio manager, will add his expertise to the Mackenzie Cundill Canadian Security mandate and Mackenzie Cundill Canadian Balanced Fund. As a result of this change, William Aldridge, vice president, investment management will no longer advise on these strategies.