After securing unitholder approval, Toronto-based Mackenzie Financial Corp. has merged several Putnam funds into Mackenzie funds with similar mandates. Putnam Canadian Money Market Fund has merged into Mackenzie Sentinel Money Market Fund; Putnam Canadian Bond Fund has merged into Mackenzie Sentinel Bond Fund; Putnam Canadian Balanced Fund has merged into Mackenzie Maxxum Canadian Balanced Fund; Putnam U.S. Voyager Fund has merged into Mackenzie Universal U.S. Growth Leaders (Unhedged) Class; Putnam U.S. Value Fund has merged into Mackenzie Universal U.S. Blue Chip Class; and Putnam International Equity Fund has merged into Mackenzie Focus International Class. Mackenzie intends to appoint Putnam Investments as one of four subadvisors to Mackenzie Focus International Class.

Covington takes on new role

Toronto-based Covington Capital Corp. will assume the role of investment specialist for New Generation Biotech Equity Fund Inc. and New Generation Biotech Balanced Fund. It will replace Toronto-based Genesys Capital Partners Inc. The change should serve the best interests of the fund’s investors as a result of cost savings realized through a decrease in management fees and is reflective of the maturity of the investment portfolios, says a Covington release. With the funds’ portfolios maturing, management’s focus has shifted toward managing costs, providing liquidity and securing exit opportunities for the existing portfolio holdings. Covington and Genesys have a strong relationship and the assumption by Covington of the investment specialist role will be handled in a timely and constructive manner, says the release.

SFCS to offer new portfolio

Cayman Islands-based SFCS Capital Ltd. has announced its intention to launch SFCS Titans, a Canadian offering comprising leading global hedge funds. The offering will provide Canadian investors with a diversified portfolio of up to 40 hedge fund managers. SFCS Capital employs a passive management approach that focuses on monitoring underlying funds for a breach of investment guidelines but does not actively manage strategy allocations or change fund allocations, which are set at the launch date. Advisor commissions for front-end sales are negotiable with the client. There are no deferred or low-load options. Trailing commissions are 1% for front-end sales. Management fees are 2.25% for A-class units and 1.25% for F-class units. Minimum investment is $25,000 for A-class and $100,000 for F-class. The fund is available to accredited investors through registered dealer representatives or directly through the general partner, Vancouver-based Delphi Asset Management Inc.

High interest at ICICI

Toronto-based ICICI Bank Canada has introduced the Canadian-dollar HiVALUE chequing account, which offers up to 1.5% interest on a customer’s balance. The account offers 1% interest on balances between $1,000 and $2,500 and 1.5% interest on balances over $2,500. The tiered interest is calculated daily and paid monthly. In addition to the attractive interest features, the new Canadian-dollar HiVALUE chequing account has no transaction fees and includes free and unlimited in-branch debit transactions, Interac direct payments, online bill payments and transactions conducted at more than 2,200 ATMs on the Exchange network. The account requires no minimum balance and the first 50 cheques are free. Until Nov. 30, free money transfers to Bangladesh, China, Ghana, India, Nepal, the Philippines, Sri Lanka and Vietnam will be allowed through the account.

AIC opens new fund

Oakville, Ont.-based Integra Capital Ltd. has launched Integra Newton Global Equity Fund and has announced changes to three of its funds — Integra Balanced Fund, Integra Canadian Value Growth Fund and Integra Equity Fund. Integra Balanced Fund will invest in the securities of Analytic Core U.S. Equity Fund, Acadian Core International Equity Fund, Integra Bond Fund, Integra Canadian Value Growth Fund and Integra Newton Global Equity Fund. Integra Canadian Value Growth Fund will have two new portfolio managers: London, Ont.-based Highstreet Asset Management Inc. will manage 45% of the assets; Lincluden Management Ltd. of Oakville, Ont., will manage 27.5% of the assets; and Toronto-based J. Zechner & Associates, currently a portfolio manager of the fund, will manage the remaining 27.5% of fund assets. Integra Equity Fund will invest in the securities of Integra Canadian Value Growth Fund, NWQ U.S. Large Cap Value Fund, Integra International Equity Fund and Integra Newton Global Equity Fund. The new fund — Integra Newton Global Equity Fund — is managed by Newton Capital Management Ltd of London and is offered by prospectus.

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