Canadian fund management group Mackenzie Financial plans to launch up to six funds in the UK market ...
Canadian fund management group Mackenzie Financial plans to launch up to six funds in the UK market over the next year as part of its recent deal with Premier Asset Management
Mackenzie, whose funds are sold mainly through IFAs in Canada and has more than £12bn in funds under management, has agreed to purchase a 24.9% stake in Premier for an estimated £6m
Mackenzie will work with Premier to set up a number of funds within the Premier Sicav in Luxembourg and both companies plan to promote the funds within Europe. The Canadian group, which has more than 60 mutual funds, has not settled on what to launch in the UK market. Among these are a high yield fund which has a 44% weighting in US corporate bonds and 11% in Canadian bonds along with exposure to Latin American emerging markets. It also has a Science and Technology fund and a number of US funds
As part of the link between the two groups, Premier has plans to launch at least two funds into the North American market. While managing director Jonathan Fry admits they are likely to be mirror funds, he did not rule out the possibility of Premier launching new funds in the North American market first and then bringing the mirror fund to the UK. Premier predicts will eventually look to have six funds operating in North America, three in the US and three in Canada
Fry said: "Together with Mackenzie, we can also pool our information technology resources as well as develop ways of exploiting the potential of internet based distribution. We will also have access to a range of supportive marketing programmes for IFAs and help with marketing our funds throughout North America
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