Mackenzie Investments announced yesterday it intends to merge 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 in these pools will vote on the proposed changes at special meetings scheduled for December 6.
The following four pools are to be merged in Symmetry Equity Class:
- Symmetry Canadian Stock Capital Class;
- Symmetry US Stock Capital Class;
- Symmetry EAFE Stock Capital Class;
- Symmetry Specialty Stock Capital 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 Capital Class (or Symmetry Registered Fixed Income Pool for registered accounts).
“Simplicity is a key consideration for investors when evaluating any investment program,” said Jim Fraser, senior vice president, Mackenzie Financial Services Inc. “By streamlining down to two pools, we can deliver on the need for simplicity while preserving the uniqueness and functionality of the Symmetry program.”
The objectives of the Symmetry Equity Class pool will include geographic mandates similar to the four existing equity pools.
Full details will be included in an information circular to be mailed to investors in November. Symmetry is available through independent financial advisors across Canada at a minimum investment of $25,000. Current assets in Symmetry at September 29 were $571 million.