Mackenzie Investments simplifies and enhances retail pricing structure for investors
TORONTO – March 28, 2018 – Today, Mackenzie Investments announced a new simplified and more accessible pricing structure for investors, which includes some fee reductions.
For investors in fee-based series1, Mackenzie is eliminating Private Wealth series2 and reducing fees to offer the same competitive management and administration fee for all account sizes. For investors in retail series with embedded dealer compensation, Mackenzie is simplifying Private Wealth series pricing to eliminate rebating and align management and administration fees (net of dealer compensation) with the fee-based series3.
As a result of these changes, most investors in Series F and Private Wealth series will receive lower fees and no investor will experience a fee increase. Private Wealth series will also be accessible to more investors, with a lower minimum eligibility requirement of $100,000 (from $250,000) per household4.
“We want it to be easier to do business with Mackenzie. By offering a significantly simplified and competitive pricing structure, we continue to put the focus on the needs of the investor. Our fees are clear and apply to all of our innovative products and solutions. This clarity also makes it easier for the advisors and dealers who work with our solutions,” said Barry McInerney, President and Chief Executive Officer, Mackenzie Investments.
Within the new flat fee structure for Mackenzie, series PWF2 and series E of all funds will be re-designated into series F to create one fee-based series with level management and administration fees.
The lower and simplified pricing structure will be available to investors June 1, 2018. For detailed information, including fee schedules, visit mackenzieinvestments.com/pricing2018. Upon implementation of these changes the annualized impact on Mackenzie’s $56 billion in mutual fund assets is expected to be approximately 2 basis points5.
Proposed mergers to streamline and strengthen product shelf
Mackenzie is also streamlining its product shelf with a number of proposed mergers to make it easier for investors to navigate. Of the following proposed 13 mergers, 10 are subject to approval by the investors of those funds. Investors of record as of April 23, 2018 will receive a notice of meeting prior to a special meeting of investors held on or about June 22, 2018.
The proposed mergers (to be implemented on or about July 6, 2018) are:
We are changing the investment objectives of Mackenzie Income Fund and Mackenzie Short-Term Income Fund, subject to investor approval, to fully capitalize on our fixed income capabilities. Investors of record as of April 23, 2018 will receive a notice of meeting prior to a special meeting of investors held on or about June 22, 2018.
For more information on the mergers and investment objective changes, visit Mackenzieinvestments.com/mergers2018.
1Series F, F5, F6, F8, PWF, PWF5, PWF6, PWF8
2Series PWF, PWF5, PWF6 and PWF8 with the exception of the Private Wealth Pools
3Pricing aligned after dealer compensation is netted from management fees
4With the exception of the Private Wealth Pools
6Investor approval is not required. Investors will receive notice by mail at least 60 days prior to the merger.
7Investor approval is required for both the terminating and continuing funds.
About Mackenzie Investments
Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $127.2 billion in assets under management as of February 28, 2018, Mackenzie Investments distributes its investment services through multiple distribution channels to both retail and institutional investors. Mackenzie Investments is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's premier financial services companies with $156 billion in total assets under management as of February 28, 2018.