Mackenzie spares the axe for most Investors Group managers

Expanded number of teams serves two distinct fund families.

Rudy Luukko 14 November, 2017 | 6:00PM

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.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
IGM Financial Inc29.10 CAD-1.59

About Author

Rudy Luukko

Rudy Luukko  Rudy Luukko is a freelance writer who contributes to Morningstar.ca on topics involving fund industry trends and regulatory issues. He retired in May 2018 from his position as editor, investment and personal finance, at Morningstar Canada, where he had worked since 2004. He has also worked as an editor and writer for various general, specialty and institutional media, and he has co-authored courses for the Canadian Securities Institute. Follow Rudy on Twitter: @RudyLuukko.