Mackenzie proposes changes to Quadrus funds

Toronto-based Mackenzie Financial Corp. is asking unitholders of its funds distributed through mutual fund dealer Quadrus Investment Services Ltd. to approve a long list of changes at a series of shareholder meetings. The proposed changes include: expanding the investment objective of Quadrus Canadian Specialty Corporate Class so it invests in companies located throughout North America, not only in Canada (if approved, the fund will be renamed Quadrus North American Equity Corporate Class); merging LLIM U.S. Growth Sectors Fund and LLIM U.S. Equity Fund into LLIM Canadian Diversified Equity Fund and changing the fund’s investment strategy to allow it to invest up to 49% of its assets in foreign securities; merging GWLIM U.S. Mid-Cap Fund into GWLIM Canadian Mid-Cap Fund and allowing the fund to invest in small- to mid-cap Canadian and U.S. companies (if approved, the fund would be renamed GWLIM North American Mid-Cap Fund); changing the investment objective of Quadrus AIM Canadian Equity Growth Fund to allow it to invest up to 49% of its assets in foreign securities; developing a multi-manager strategy for Quadrus Trimark Balanced Fund (if approved, the fund would be renamed Quadrus Partners Fund); merging Quadrus Templeton Canadian Equity Fund with Quadrus Corporate Class’s Canadian value-oriented mandate. The meetings are scheduled for June and July.

Aurion launches fund for HNW clients

Toronto-based investment counsellor Aurion Capital Management Inc. has launched a D-class version of Aurion II Equity Fund for high net-worth retail investors. Previously available only to institutional clients, the fund is a “concentrated enhanced” Canadian equity fund that can invest outside of Canada and short-sell stocks that are considered overvalued. Aurion has been active in the institutional space for 10 years but recently made the leap to retail. “We wanted to take our institutional expertise and introduce it to investors who are looking for access to different managers,” says Matthew Conduit, head of client service and marketing. Trailer commissions are 1%. Management fees for D-class shares are 2.5%. Minimum investment is $50,000 for accredited investors, or $150,000 for non-accredited investors.

Manulife increases distribution targets

Toronto-based Manulife Mutual Funds has increased its quarterly distributions target to 10¢ a unit from 7.5¢ a unit for Elliott & Page Dividend Fund and to 6¢ from 5.5¢ a unit for Elliott & Page Monthly High Income Fund. “These dividend increases will be welcome news to many of our investors and those seeking tax-efficient sources of income,” says Jeff Ray, assistant vice president. The change was effective March 30.

AIM Trimark assigns new duties to Jim Young

AIM Funds Management Inc. has appointed Jim Young as portfolio manager of AIM Global Technology Fund and AIM Global Technology Class. Young, who joined AIM Trimark in 1999, will continue as lead manager of Trimark Discovery Fund and Trimark U.S. Companies Fund/Class. He will also continue to co-manage AIM Global Health Sciences Fund/Class and AIM Trimark Score American Equity Class. He replaces Michelle Espelien Fenton, who has left the firm.

RBC Investments changes fund name, mandate

RBC Investments has changed the name of RBC Investments Focus List Trust 2001 Portfolio to RBC Investments Focus List Trust. RBC has also changed the fund’s trust agreement so it is no longer required to have a fixed-income portion. An early redemption fee will no longer be charged upon redemption of Series A units. Purchases will not be permitted once the fund reaches $400 million unless made through reinvestment of distributions. As of March 8, the fund had $315 million in assets.

Franklin Templeton adds two fixed-income funds

Toronto-based Franklin Templeton Investment Corp. has added two new fixed-income products to its lineup to meet Canadians’ growing demand for yield. Bissett Canadian Core Plus Bond Fund will invest in the new Franklin Templeton Global Aggregate Bond Fund, as well as the older Bissett Bond Fund. Franklin Templeton Global Aggregate Bond Fund invests in a combination of corporate, agency and government debt securities from numerous countries, including emerging markets. At least 85% of the fund will be hedged back into Canadian dollars, the company says. Front-end commissions are 0%-6%, 2.5% for low-load and 5% for deferred sales. For DSC units, redemptions fees begin at 6% in Year 1 and end at zero after Year 6; for the low-load schedule, 3% in Year 1 and zero after Year 3. Trailing commissions are 0.25% for low-load and deferred sales, or 0.5% for front-end sales. Management fees for Bissett Canadian Core Plus Bond Fund are 1.4% for A-class units and 0.9% for F-class. Management fees for Franklin Templeton Global Aggregate Bond Fund are 1.5% for A-class units and 1% for F-class. Minimum investment is $500.

@page_break@Compiled by Lara Hertel (lhertel@investmentexecutive.com) .