Toronto-based Mackenzie Financial Corp. has appointed new portfolio managers for its lineup of fixed-income products. Putnam Investments Inc. is the new subadvisor on several Mackenzie high-yield corporate bond funds, including Mackenzie Sentinel Corporate Bond Fund, Mackenzie Sentinel North American Corporate Bond Class Fund and Mackenzie Sentinel Registered North American Corporate Bond Fund. Putnam also manages the high-yield, fixed-income mandate of Symmetry Fixed Income Class Fund and Symmetry Registered Fixed Income Fund. Sentinel team leader Steve Locke and Mackenzie Maxxum team leader Norman Raschkowan have been appointed portfolio managers of Mackenzie Sentinel Strategic Income Class and Mackenzie Sentinel Registered Strategic Income Fund. These new appointments replace former portfolio manager Dan Bastasic, who has moved to Toronto-based IA Clarington Investments Inc.

Invesco PowerShares unveils two ETFs

Toronto-based Invesco PowerShares Capital Management LLC has launched two exchange-traded funds. PowerShares 1- to 5-Year Laddered Investment-Grade Corporate Bond Index ETF aims to replicate, before fees and expenses, the performance of the DEX investment-grade 1- to 5-year laddered corporate bond index, which is divided into five buckets with staggered maturity levels from one to five years. This ETF will invest primarily in Canadian, investment-grade corporate bonds rated “BBB” or higher in the composite PC-Bond rating. PowerShares Ultra DLUX Long-Term Government Bond Index ETF aims to replicate, before fees and expenses, the performance of the DEX ultra DLUX long government bond index. This fund will invest primarily in Canadian government bonds denominated in Canadian dollars, with a remaining effective term to maturity of greater than 10 years and rated “A” or higher. Income distributions for both funds are monthly, and annual management fees are 0.25%.

Fund mergers at Franklin Templeton

Toronto-based Franklin Templeton Investments Corp. has been granted approval by unitholders for several fund mergers and the related security transfers. The following mergers have taken place: Bissett Multinational Growth Fund has merged into Franklin World Growth Fund; and Bissett Multinational Growth Corporate Class Fund has merged into Franklin World Growth Corporate Class Fund. Unitholders of Bissett Multinational Growth Fund will receive units of Franklin World Growth Fund on a dollar-for-dollar and series-by-series basis. Unitholders of Bissett Multinational Growth Corporate Class Fund will receive units of Franklin World Growth Corporate Class Fund on a dollar-for-dollar and series-by-series basis.

Fund changes at Standard Life

Montreal-based Standard Life Mutual Funds Ltd. has changed the investment objectives of five funds and renamed three funds. Standard Life Tactical Income Fund, formerly called Standard Life Global Monthly Income Fund, now focuses on long-term capital growth on top of generating income. Standard Life Canadian Dividend Growth Fund and Standard Life Canadian Dividend Growth Class (which currently invests 100% of its assets in Standard Life Canadian Dividend Growth Fund) aim to provide more flexibility toward investing in non-Canadian securities. Standard Life Dividend Income Fund’s objective has been broadened to allow more flexibility to invest in fixed-income securities. Standard Life Canadian Small-Cap Fund has removed fixed-market capitalization limits to provide more flexibility for the portfolio manager to invest in small-cap companies. Other fund name changes include: Standard Life Corporate High Yield Bond Fund is now Standard Life Corporate Bond Fund; and Standard Life Corporate High Yield Bond Class is now Standard Life Corporate Bond Class.

Convertible bond ETF from Claymore

Toronto-based Claymore Investments Inc. has launched a convertible bond exchange-traded fund. Claymore Advantaged Convertible Bond ETF’s objective is to give investors exposure to the performance of the DEX convertible bond index. The new ETF aims to provide tax-efficient monthly distributions and opportunities for capital appreciation. Annual management fees are 0.95% for A-class units and 0.45% for F-class units. There may be a redemption charge of up to 0.05% of exchange or redemption proceeds.

Compiled by Olivia Li (oli@investmentexecutive.com).