IG unveils new structure, names CEO for fund unit

(April 30, 2004) A long-time Winnipegger was introduced as the new president and CEO of Investors Group today following the annual general meeting of its parent company.

Murray Taylor, executive vice-president of the Winnipeg-based company for the past three years, takes over the top job of the mutual fund behemoth. IG currently leads all other fund firms with $42.7 billion in mutual fund assets under management.

Taylor’s appointment is part of a corporate restructuring that also sees Jeff Orr, president and CEO for the last three years of Investors Group Inc. — the public parent company of Investors Group and Mackenzie Financial Corp. — remain in that capacity with IGM Financial Inc., the new public entity that was approved by shareholders today.

Orr will oversee IGM’s two existing operating units, Investors Group Inc. and Mackenzie Financial Corp. A third, IPC Financial Network Inc., will join the fold within two weeks when IGM’s $94.9 million purchase is expected to close.

Orr said the corporate shuffling was necessary because of the company’s evolution since it first bought Mackenzie for $4.1 billion early in 2001.

“It’s a recognition of the fact that the company has grown in complexity. This will allow me to focus on all three operating companies as well as on future growth opportunities,” he said in an interview following the meeting.

“As the company grows, management gets stretched thinner and thinner. We will be more effective having me focus on the business of IGM Financial.”

Taylor, 48, received a raucous welcome from shareholders, consultants and management as his new posting was announced by Robert Gratton, IGM’s chair, immediately following the formal meeting.

Orr said the move was a “natural evolution” for Taylor after two years of running Investors Group’s sales, marketing and distribution.

“Murray has played a critical role at the company so he already has a pretty good handle of what’s going on,” he said.

Taylor, who also spent 25 years with Great-West Life and London Life in both Winnipeg and London, Ontario, said he’s not about to start rocking the boat.

“My focus will be very much on continuing with what we have set in motion. My view is that we need to do many little things right and treat all of our parties — clients, consultants and head-office people — with tremendous respect,” he said in an interview.

“We believe [personal financial services] is a very bright and great business for the future and we intend to be a major force in that marketplace.”

IGM also announced that Paul Desmarais Sr. has retired from the board after 36 years. He was appointed director emeritus.

• Investors Group posts strong quarter

Geoff Kirbyson is a financial services writer based in Winnipeg.

(04/30/04)