Mackenzie unveils new U.S. fund…

Toronto-based Mackenzie Financial Corp. has launched Mackenzie Ivy American Class, an equity fund that will invest mainly in high-quality U.S. companies. The fund will pursue a long-term growth strategy consistent with preservation of capital over the long term. Jerry Javasky, senior vice president with Mackenzie Investments and head of the Ivy team, and David Arpin, vice president, will be primarily responsible for finding those businesses in the U.S. equities market that are attractively priced. Advisor commissions for front-end sales are 0%-5%; for deferred sales, 5%; for the low-load option, 2.5%. Redemption fees begin at 5.5% in Year 1 and end at zero after Year 7 for the regular DSC schedule, or begin at 3% in Year 1 and end at zero after Year 3 for the low-load schedule. Trailing commissions are 1% for front-end and deferred sales; and 0.5% for the low-load option in the first three years, then 1% thereafter. Management fees are 2% for A-class units and 1% for F-class units. Minimum investment is $500.

…and offers new line of GIFs

Mackenzie Financial Corp. has also launched Mackenzie Guaranteed Investment Funds, a new line of segregated fund policies issued by Great-West Life Assurance Co. The Mackenzie GIFs offer the protective features of an insurance policy combined with the benefits of an investment fund, as well as three levels of protection to meet varying investor objectives and time horizons. Clients can choose between a 75% or 100% maturity guarantee and a 75% or 100% death benefit guarantee, depending on their preference, to select Mackenzie GIF Core, Mackenzie GIF Intermediate or Mackenzie GIF Enhanced. The intermediate and enhanced versions also offer an optional annual reset provision that locks in investment gains while protecting against future market losses.

TD Comfort Portfolios

A new fund product from Toronto-based TD Asset Management Inc., manager of TD Mutual Funds, will provide customers with access to TD funds through one ready-made structure. TD Comfort Portfolios comprise up to five TD mutual funds wrapped into one portfolio that, the company says, is easy for inves-tors to understand. Each portfolio is designed to meet specific investor preferences, from conservative to aggressive. Portfolio managers monitor and adjust portfolios as needed. TD Comfort Portfolios are sold through TD Canada Trust branches and include TD Comfort Conservative Portfolio, TD Comfort Moderate Portfolio, TD Comfort Balanced Portfolio, TD Comfort Growth Portfolio and TD Comfort Equity Portfolio. Management fees are fixed and are less than 2%. Minimum investment is $2,000.

New subadvisor for HSBC

Vancouver-based HSBC Global Asset Management (Canada) Ltd., a wholly owned subsidiary of HSBC Bank Canada, has appointed Calgary-based Mawer Investment Management Ltd. as subadvisor to HSBC Canadian Small Cap Equity Pooled Fund. Mawer specializes in small-cap equities and has been managing Canadian small-cap equities portfolios since 1988. HSBC Canadian Small Cap Equity Pooled Fund is available to Canadian investors through the Portfolio Advantage and Private Investment Management services offered by HSBC Global Asset Management. Globally, HSBC Global Asset Management has approximately $367 billion under management as of Oct. 31.

AIC completes mergers

Burlington, Ont.-based AIC Ltd. has completed 12 previously announced fund mergers as of Dec. 1, 2008. As a result of the mergers, unitholders of the terminated funds have become unitholders of the corresponding continuing funds. The dollar values of the unitholders’ investments in the terminated funds were transferred to the respective classes of the continuing funds. Additionally, as previously announced, three funds were renamed as of Dec. 15: AIC Private Portfolio Counsel Canadian Pool was renamed AIC Canadian Equity Fund; AIC Private Portfolio Counsel Global Fixed Income Pool was renamed AIC Global Fixed Income Fund; and AIC Private Portfolio Counsel U.S. Small to Mid Cap Pool was renamed AIC American Small to Mid Cap Fund. A complete list of the terminating funds and the continuing funds is available on AIC’s Web site (www.aic.com).

MacDonald joins Trimark

Toronto-based Invesco Trimark Ltd. has appointed Norman MacDonald as vice president and portfolio manager. MacDonald will work alongside manager Rory Ronan on Trimark Canadian Resources Fund. MacDonald has more than 14 years of industry experience and previously held portfolio-management responsibilities at the Ontario Teachers’ Pension Plan Board, Beutel Goodman & Co. Ltd. and Salida Capital Corp., all based in Toronto.

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