Toronto-based Russell Investments Canada Ltd. has made subadvisor changes to the Russell Sovereign Investment Program and LifePoints Portfolios. Baltimore, Md.-based Legg Mason Capital Management Inc. and Philadelphia-based PENN Capital Management Co. Inc. have been added to the Russell U.S. Equity Pool, part of the Russell Sovereign Investment Program. Berwyn, Penn.-based Turner Investment Partners Inc. and San Mateo, Calif.-based Fuller & Thaler Asset Management Inc. are no longer subadvisors on the U.S. Equity Pool. Legg Mason has also been added as a subadvisor on Russell U.S. Equity Fund, an underlying fund in the LifePoints Portfolios. Turner is no longer a subadvisor on Russell U.S. Equity Fund.

Changes to Quadrus lineup

Toronto-based Mackenzie Financial Corp. is making changes to its Quadrus Corporate Class Funds, distributed through Quadrus Investment Services Ltd. Among the changes, Mackenzie Maxxum Canadian Equity Growth Fund and Mackenzie Universal Canadian Resource Fund are being added to Quadrus Canadian Equity Corporate Class Fund. In addition, Mackenzie Saxon Small-Cap Fund and Fidelity NorthStar Fund are being added to Quadrus North American Specialty Corporate Class Fund. AIM Global Growth Class is being added to Quadrus U.S. International Equity Corporate Class Fund, and Quadrus U.S. International Specialty Corporate Class Fund will be broadening its global specialty mandate. In order to do this, allocations are being made to the following funds: Mackenzie Universal World Resource Class Fund, Mackenzie Universal World Real Estate Class Fund, Mackenzie Universal World Science & Technology Class Fund, Mackenzie Universal Health Sciences Class Fund and Mackenzie Universal Global Infrastructure Fund. Other minor changes to existing managers for all Quadrus Corporate Class Funds may occur as part of this review, Mackenzie Financial says.

Counsel appoints new subadvisor

Toronto-based Counsel Wealth Management has appointed Britain-based Forum Partners Europe (U.K.) LLP as the subadvisor on Counsel Global Real Estate Fund. Forum Partners has replaced New York-based Citi Property Investors, a division of Citigroup Alternative Investments LLC. Counsel Global Real Estate Fund is an underlying fund in Counsel Conservative Portfolio, Counsel Regular Pay Portfolio, Counsel Balanced Portfolio, Counsel Growth Portfolio, Counsel All Equity Portfolio and Counsel World Managed Portfolio. Toronto-based Counsel Group of Funds Inc. is wholly owned by Investment Planning Counsel Inc.

IA Clarington fund matures early

Toronto-based IA Clarington Investments Inc. has announced that IA Clarington Target Click 2010 Fund will have an early maturity date of Sept. 18, instead of the original maturity date of June 30, 2010. IA Clarington was one of the first to launch “guaranteed target date” mutual funds in Canada and is now prepared to pay out the fund’s guarantee to investors in advance. IA Clarington Target Click Funds are global balanced funds that guarantee the highest monthend value achieved over their life at maturity. As each Target Click Fund approaches its respective maturity date, its allocation to fixed-income is increased and its allocation to equities is reduced. As the IA Clarington Target Click 2010 Fund is nearing its original maturity date, it is predominantly invested in fixed-income securities. Given that the current low interest rate environment offers limited return prospects for the fund’s fixed-income component, investors in the fund are best served by wrapping up the fund early at its full guaranteed amount, says IA Clarington. On Sept. 18, fund investors will be entitled to receive the higher of the net asset value per unit that day and the present value of the guaranteed amount per unit. The current NAV per unit of the fund is equal to the full guaranteed amount, and IA Clarington will waive its management fees on the fund and absorb fund expenses in order to help ensure that the NAV per unit equals the full guaranteed amount on the accelerated maturity date. The other funds in the IA Clarington Target Click family of funds will continue to their respective maturity dates: 2015, 2020, 2025 and 2030.

Distribution changes on Mavrix fund

Toronto-based Mavrix Fund Management Inc. has decreased the monthly distribution to 9¢ per unit from 13¢ per unit for both A and F classes of Mavrix Tax Deferred Income Fund. The changes came into effect on July 31. The change will allow the fund to retain the excess yield in the underlying portfolio and provide for capital appreciation in line with the objectives of the fund, the company says. According to Mavrix, the monthly distribution change will provide unitholders with a current annualized distribution yield of approximately 8% for the A and F classes.

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