Mackenzie streamlines asset allocation shelf

Mackenzie Financial has proposed consolidating investors from its asset allocation products into its Symmetry program, in an effort to simplify the company’s strategic asset allocation product and service offering.

Under the proposal, investors would be moved out of the existing STAR Strategic Asset Allocation Service, Keystone Strategic Asset Allocation Service and Keystone Portfolio Funds.

“Mackenzie Investments introduced the strategic asset allocation concept to Canadian investors in 1995. Since that time our strategic asset allocation products have grown in popularity and become much more sophisticated,” said Mary Taylor, senior vice-president, product and marketing of Mackenzie Investments.

Each Keystone Portfolio Fund, Keystone Model and STAR Model shares similar investment objectives and investment strategies with its corresponding Symmetry One Fund. Registered investors of the Keystone and STAR programs will become investors in the corresponding Symmetry One Registered Portfolio Fund.

Taxable investors will be shifted into the corresponding Symmetry One Portfolio Class.

“The changes we are proposing will bring the benefits of our Symmetry One Funds to all investors and advisors who currently use our strategic asset allocation products,” Taylor says.

Mackenzie says affected investors would pay “similar or lower overall fees while enjoying the enhanced benefits, structure and services of the Symmetry One Funds.”

For Keystone Portfolio Funds investors the upgrade will entail a set of fund mergers and is conditional upon investor and regulatory approval.

A vote on the proposed merger will be held April 20, 2011 at the Toronto office of Mackenzie Investments. If approved, the mergers are expected to be effective on or about May 27, 2011.

Mackenzie Investments also plans to merge each of the five Keystone Partner Funds with another Mackenzie fund with a similar mandate. These mergers will be conditional upon the successful mergers of the five Keystone Portfolio Funds described above.

The five existing Keystone Segregated Funds will also be discontinued on or about May 13, 2011, at which time investments in these funds will be transferred into other Mackenzie Segregated Funds.

Keystone Model clients will be transitioned to the corresponding Symmetry One Funds pursuant to a rebalancing that will occur on or about May 6, 2011. STAR Model clients will transition to the corresponding Symmetry One Funds pursuant to a rebalancing that will occur on or about May 13, 2011.

Staff

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