TORONTO, April 11, 2012 /PRNewswire/ - Mackenzie Financial Corporation (Mackenzie Investments) today announced the following fund reorganizations ("mergers") and terminations that are expected to be effective on or about June 15, 2012:
Mackenzie Saxon U.S. Equity Fund will merge into Mackenzie Universal American Growth Class (Unhedged Class), Mackenzie Ivy American Class will merge into Mackenzie Universal U.S. Blue Chip Class and Mackenzie Universal Canadian Value Class will merge into Mackenzie Cundill Canadian Security Class.
These mergers have received approval from the Independent Review Committee (IRC) of the Mackenzie Funds and investors in the funds will be provided 60 days' notice.
Additionally, Mackenzie proposes to merge Mackenzie Saxon Explorer Class into Mackenzie Universal North American Growth Class. This merger is conditional upon investor and regulatory approval and full details about the proposed merger will be outlined in a Management Information Circular and Proxy to be mailed to investors of record in May. A special meeting of investors to consider and vote on the proposed merger is scheduled for June 12, 2012 at Mackenzie's office in Toronto.
Mackenzie will terminate Mackenzie Universal Africa & Middle East Class, Mackenzie Universal Sustainable Opportunities Class and Mackenzie Sentinel U.S. Managed Yield Class. Investors in these funds will be provided 60 days' notice. Each fund's shares will be redeemed and its investors will receive units of Mackenzie Sentinel Money Market Fund as proceeds of redemption.
Effective immediately Mackenzie Universal Africa & Middle East Class, Mackenzie Universal Sustainable Opportunities Class and Mackenzie Sentinel U.S. Managed Yield Class are closed to new purchases.
Mackenzie Investments: Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $64.4 billion in assets under management as at March 31, 2012, 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 $124 billion in total assets under management as at March 31, 2012. For more information, visit www.mackenziefinancial.com.
SOURCE Mackenzie Investments