Mackenzie Investments said Thursday that, effective August 14, Alain Bergeron, senior vice president and asset allocation team lead, will assume responsibility for asset allocation in eight Mackenzie balanced funds.
The eight funds are: Mackenzie Canadian All Cap Balanced Fund; Mackenzie Canadian All Cap Balanced Class; Mackenzie Canadian Growth Balanced Fund; Mackenzie Canadian Large Cap Balanced Fund; Mackenzie Cundill Canadian Balanced Fund; Mackenzie Income Fund; Mackenzie Ivy Canadian Balanced Fund; and Mackenzie Ivy Global Balanced Fund.
Bergeron’s new role with these funds will enhance the resources dedicated to them and allow their existing equity and fixed income teams to focus on selecting securities, Mackenzie says.
“We believe that Alain’s asset allocation talents make a great addition to our balanced funds,” said Tony Elavia, chief investment officer. “And this will let our equity and fixed income teams better concentrate on what they do best — which is security selection.”
Formerly head of global tactical asset allocation at the Canada Pension Plan Investment Board (CPPIB), Bergeron applies a disciplined, pension-style approach to asset allocation with an emphasis on consistent risk-adjusted returns and protecting capital.
Bergeron is also responsible for the oversight of Symmetry Portfolios, Mackenzie Investments’ managed asset program, as well as the diversified fund-of-fund strategies and the concentrated funds of best ideas.
To assist advisors and investors in making more informed decisions, Mackenzie Investments will be amending the investment strategies of the balanced funds to specify each fund’s ability to allocate its assets between equity and fixed income securities. These amendments will be made on August 14.
The investment strategies of Mackenzie Ivy Global Balanced Fund and Mackenzie Ivy Canadian Balanced Fund will be amended pending a favorable vote by investors to change the investment objectives.
Subject to investor approval, these two funds will change their objectives to allow for increased flexibility regarding the funds’ asset allocation among equity securities and fixed income securities. Full details will be mailed in investors in July. The proposed amendments will not impact the risk ratings of the funds, Mackenzie says.
If approved at a special meeting of investors on August 13 in Toronto, the amendments will come into effect on August 14.
Sub-advisor change to Mackenzie US Large Cap Growth Fund
Effective September 15, Mackenzie US Large Cap Growth Fund will be managed by Boston-based Putnam Investments.
In conjunction with this sub-advisor change, Mackenzie US Large Cap Growth Fund will be renamed Mackenzie US All Cap Growth Fund to reflect Putnam’s approach to diversifying across all market capitalizations.