TORONTO, Dec. 5, 2016 /CNW/ - Mackenzie Financial Corporation (Mackenzie Investments) announced today changes to the management fees and dealer compensation on certain funds. In addition, the company announced a plan to automate the conversion of securities that are no longer subject to a redemption fee under the deferred sales charge and low load purchase options (Back-End) to the sales charge purchase option (Front-End).
"At Mackenzie Investments, we regularly review our product shelf to ensure we are offering competitive, innovative solutions that reflect the world in which we operate and to meet the needs of advisors and their clients," said Barry McInerney, President and Chief Executive Officer.
Effective January 3, 2017, Mackenzie Investments will be reducing the management fees and lowering the dealer compensation on three Symmetry Portfolios. Concurrent with this change, dealer compensation on the Low Load 2 sales charge purchase option will be increasing on certain funds; there will be no changes to the management fees on these funds.
Decreasing Management Fees on 3 Symmetry Portfolios:
This change is the result of aligning dealer compensation with the compensation generally paid in the industry for funds in the balanced and equity categories.
The following changes will be made for Series A, AR, T6, T8 units:
| Fund Name |
Current Dealer Compensation |
New Dealer Compensation |
Current Management Fee
|
New Management Fee |
| Symmetry Moderate Growth Portfolio/Class |
1.25% |
1.00% |
2.10% |
1.85% |
| Symmetry Growth Portfolio/Class |
1.25% |
1.00% |
2.25% |
2.00% |
| Symmetry Equity Portfolio Class |
1.25% |
1.00% |
2.25% |
2.00% |
Please note that dealer compensation of all purchase options of Series A, AR, T6 and T8 will decline by 0.25% with the exception of the GFO purchase option, where dealer compensation will decline by 0.19%. Management fees of Series A, AR, T6 and T8 will decline by 0.25%.
The changes impact Series G and I units as well. Dealer compensation and management fees of Series G and I will also decline by 0.25%.
Increasing dealer compensation on the Following Low Load 2 Funds:
These changes will not result in any changes to fund management fees and are being made to align with the dealer compensation generally paid in the industry for funds sold under low-load purchase options.
| Fund Category |
Fund Name |
LL2 Current Dealer Compensation |
LL2 New Dealer Compensation |
| Fixed Income Funds |
Mackenzie Canadian Bond Fund |
0.25% |
0.50% |
| Mackenzie Floating Rate Income Fund |
0.30% |
0.50% |
|
| Mackenzie Global Tactical Bond Fund |
0.30% |
0.50% |
|
| Mackenzie Global Tactical Investment Grade Bond Fund |
0.30% |
0.50% |
|
| Mackenzie Investment Grade Floating Rate Fund |
0.25% |
0.50% |
|
| Mackenzie North American Corporate Bond Fund |
0.30% |
0.50% |
|
| Mackenzie Strategic Bond Fund |
0.25% |
0.50% |
|
| Mackenzie Unconstrained Fixed Income Fund |
0.30% |
0.50% |
|
| Mackenzie USD Global Tactical Bond Fund |
0.30% |
0.50% |
|
| Mackenzie USD Ultra Short Duration Income Fund |
0.20% |
0.25% |
|
| Balanced Funds |
Mackenzie Income Fund |
0.25% |
0.50% |
| Mackenzie USD Global Strategic Income Fund |
0.50% |
1.00% |
|
| Managed Asset Portfolios |
Mackenzie Monthly Income Balanced Portfolio |
0.50% |
1.00% |
| Mackenzie Monthly Income Conservative Portfolio |
0.40% |
0.75% |
|
| Symmetry Conservative Income Portfolio |
0.40% |
0.75% |
|
| Symmetry Conservative Income Portfolio Class |
0.40% |
0.75% |
|
| Symmetry Conservative Portfolio |
0.50% |
1.00% |
|
| Symmetry Conservative Portfolio Class |
0.50% |
1.00% |
|
| Symmetry Fixed Income Portfolio |
0.35% |
0.50% |
|
| Alternative Funds |
Mackenzie Diversified Alternatives Fund |
0.50% |
1.00% |
Includes all series with a LL2 purchase options
Matured Security Conversions
Beginning Friday, December 30, 2016 and on the second Friday of every month thereafter, Mackenzie Investments will automate the conversion of most matured securities to the front-end purchase option of the same fund. This will provide greater transparency to investors regarding their matured securities that are free of redemption fees.
About Mackenzie Investments
Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $64.3 billion in assets under management as of October 31, 2016, 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 over $139 billion in total assets under management as of October 31, 2016. For more information, visit mackenzieinvestments.com.
SOURCE Mackenzie Financial Corporation
Trish Tervit, Director, Communications and Media Relations, Mackenzie Investments, 416-967-2166, [email protected]
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