Changes to Meritage

Montreal-based Altamira Financial Services Inc. has announced that Capital International Global Equity Fund will replace Trimark Fund, and CI American Small Companies Fund will replace Trimark U.S. Small Companies Class Fund in its Meritage Portfolios. Meritage Portfolios are suited to all investors, regardless of needs or risk profiles, and offer a complete investment solution with optimal diversification across asset classes, regions, market capitalizations and management styles. A total of 14 portfolios are available, five each in the investment and income categories as well as four portfolios made up exclusively of Canadian, American, international or global equity funds. Clients have already invested more than $565 million in Meritage Portfolios since they were launched in October 2006.

Mackenzie changes Keystone lineup

Mackenzie Financial Corp. of Toronto will assume investment management responsibilities for Keystone AIM Trimark Global Equity Fund on July 16, replacing AIM Funds Management Inc. as advisor and will merge the fund with the Mackenzie Universal Global Growth Class on or about July 25. The fund will be managed by Mark Grammer, vice-president of investments at Mackenzie, and his team who currently manage the existing Mackenzie Universal Global Growth Class. Investors in the A-series of Keystone AIM Trimark Global Equity fund will benefit from Mackenzie Universal Global Growth Class’s lower combined management and administrative fee of 2.28%, compared to 2.8%. Mackenzie also announced the merger of Keystone Diversified Income Portfolio Fund into Keystone Conservative Portfolio Fund on or about July 25, 2008. Both funds are part of Keystone Portfolio Funds and have a similar asset allocation mix favouring fixed income over equities as well as the same investment manager, Karen Bleasby, senior vice president of investments.

AIM Funds enhances purchase options

Toronto-based AIM Funds Management Inc. has made enhancements to its Core Bundles, providing advisors and clients with greater flexibility and choice. Both the Lower Load 4 and standard DSC purchase options have become available on the Core Bundles lineup of funds and allows advisors to switch client investments between the Core bundles and other AIM funds with more flexibility, says the firm. The Core Bundle is an investment solution that incorporates complementary investment approaches from two experienced portfolio management teams into one investment portfolio and is designed to be a well-diversified, long-term core portfolio holding. The existing DSC purchase option will be soft-capped to new investors and the 10% free DSC redemption amount will be offered to existing and new investors in Core Bundles to help meet short-term cash flow needs without incurring redemption fees. Minimum investment will be reduced to $500 from $5,000.

AGF brings new fund manager

Toronto-based AGF Funds Inc. has appointed Robert Lyon as senior vice president and portfolio manager on AGF Canadian Resources Fund, AGF Global Resources Class and AGF Precious Metals Fund, pending regulatory approval. Lyon will assume lead management responsibilities and work alongside AGF veteran fund manager Robert Farquharson. Lyon has more than 20 years of experience in the industry with direct lead management experience on reinvestment industry source-related mutual funds. Prior to his most recent experience as vice president and director of proprietary trading with a bank-owned investment dealer, Lyon served as vice resident of portfolio management with two Canadian mutual fund companies. In addition AGF appointed James Sorbo as portfolio manager of AGF Canadian Small Cap Fund and AGF Funds Inc.’s portion of Harmony Americas Small Cap Equity Pool, Niall Dineen as portfolio manager of AGF Canadian Value Fund and AGF Canadian Balanced Value Fund and Ani Markova joins the AGF Precious Metals Fund team.

New name as good as gold

Bullion Management Services Inc. of Toronto has changed the name of its mutual fund, Millennium BullionFund to BMG BullionFund. BMG BullionFund is Canada’s first and only open-end mutual fund trust that invests directly in equal proportions of unencumbered, fully allocated gold, silver and platinum bullion and qualifies for all registered plans. The fund provides a secure, convenient, low-cost, low-risk alternative for investors seeking the benefits of capital preservation, appreciation, portfolio diversification and protection that only bullion ownership offers, says the company. The name change was put in place to make it easier for investors to make the link between the fund and the parent company behind it, Bullion Management Group Inc., based in Markham, Ont.

@page_break@Compiled by Clare O’Hara (cohara@investmentexecutive.com).