When two large money-management organizations become one, there will inevitably be loss of jobs. So it is at fund manager Mackenzie Investments, which has absorbed the in-house investment operations of the Investors Group funds.
Mackenzie and Investors Group are both part of 
IGM Financial Inc. (IGM), which is committed to preserving two separate fund families. As a result, the emphasis in this joining of forces is on expanding capabilities at Mackenzie rather than cutting costs.
There will be savings -- approximately $10 million a year -- as IGM disclosed during a Nov. 3 conference call for analysts. But in the context of the total investment-management budget, the savings are relatively modest and were not the driving factor in bringing the fund managers together, company officials say.
