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Manulife Mutual Funds has launched a new mutual fund aimed at delivering an income stream to investors seeking higher yield. The Manulife Yield Opportunities Fund will invest in a diversified portfolio of yield-oriented Canadian and global fixed-income and equity securities.

Terry Carr, vice-president and managing director of fixed income for MFC Global Investment Management, will be responsible for overall asset allocation and the fund’s fixed income component. Alan Wicks, vice-president and senior portfolio manager for MFC Global, is responsible for the equity component.

“MFC Global Investment Management is a proven asset manager with over 300 investment professionals on the ground worldwide, coupled with risk mitigation strategies,” said Jeff Ray, assistant vice-president, mutual fund products. “The fixed income team is able to draw upon Manulife’s global resources providing superior depth and experience in fixed income.”

The fund’s managers intend to deliver a distribution of five cents per unit, a yield of 6% based on the initial unit price.

The fund is available in both the form of a trust, and as a corporate class offering.

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Mackenzie offers bullion fund

Mackenzie Financial has rolled out a new mutual fund for investors looking for a way to cash in on the soaring price of gold. The Mackenzie Universal Gold Bullion Class will invest between 80% and 100% of its assets in gold bullion and/or permitted gold certificates.

The fund’s mandate allows it to also invest in silver, platinum, palladium and/or the stock of companies in the precious metals sector.

“Introducing this fund expands what is already one of the strongest natural resource fund lineups in Canada”, said David Feather, president of Mackenzie Financial Services Inc. “Mackenzie Universal Gold Bullion Class is a convenient and secure way for investors to gain exposure to the price appreciation potential, inflation protection and diversification benefits of gold bullion.”

Benoit Gervais, vice-president, investments at Mackenzie, will serve as lead managed of the fund. He will be supported by Fred Sturm, executive vice-president and chief investment strategist of Mackenzie. Gervais is also lead manager of Mackenzie Universal Precious Metals Fund and Mackenzie Universal World Precious Metals Class.

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Huang joins former mentor at Black Creek

Black Creek Investment Management has announced the addition of global equity manager Evelyn Huang to its investment team. Huang is no stranger to Black Creek, having worked with managing director Richard Jenkins at AIM Trimark (now Invesco Trimark).

“Evelyn’s understanding of the global markets, Asian equities, and the Black Creek investment process makes her a perfect fit with our team,” said Richard Jenkins, managing director of Black Creek. “I worked with and mentored Evelyn at my previous company, and I look forward to the contributions she will make at Black Creek. She brings more than 13 years of financial experience to our team, the last five spent exclusively in global equity research and global portfolio management.”

Huang and Jenkins co-managed the Trimark Select Growth Fund before his departure from the firm in March 2008.

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ING DIRECT offers TFSA premium

The Tax Free Savings Account has entered its second year, allowing investors an additional $5,000 in contribution room. So far, high-interest savings accounts have proved a popular option for the TFSA.

Now one of Canada’s leading providers of high-interest accounts is offering a substantial bonus to TFSA holders. ING DIRECT has boosted its interest rate on TFSAs to 3%, well above the 1.2% offered in its regular savings account.

“If Canadians can get into the habit of contributing early each year, they’ll squeeze even more earning power out of their savings,” says Peter Aceto, president and CEO of ING DIRECT Canada. “Simple math shows the sooner you reach the $5,000 a year maximum allowed in a TFSA, your high interest will have more time to compound and grow over the year.”

(01/07/10)