Winnipeg-based Investors Group Inc.’s investment-management functions are being merged into those of sister firm Toronto-based Mackenzie Financial Corp., parent firm IGM Financial Inc. of Winnipeg has announced.

As such, Mackenzie will continue to maintain its multi-boutique and asset class structure and offer diverse and unique products for Investors Group’s advisors, Mackenzie’s distribution channels and the clients they serve. Investors Group and Mackenzie will continue to maintain differentiated mutual fund shelves and brands.

In addition, Investors Group will continue to offer products using a combination of in-house portfolio management expertise supplemented with third-party investment managers. The changes will result in some modest efficiencies through leveraging scale across the combined organization.

“Investors Group and Mackenzie have a long history of sharing services in a number of areas, which is an important benefit to being part of a combined organization,” says Jeff Carney, president and CEO of IGM and Investors Group, in a statement. “This is about building on our position as an industry leader to deliver even better investment performance and provide a broader set of solutions to meet the changing needs of our retail and institutional clients and our advisors.”

Tony Elavia, executive vice president and chief investment officer with Mackenzie will lead the combined team.

“Tony’s strong continued leadership, together with the resources and scale of this combined global investment organization, will enable Mackenzie to serve our clients even better in the future,” says Barry McInerney, Mackenzie’s president and CEO, in a statement.

Jeff Singer, executive vice president and chief investment officer of Investors Group, had previously indicated his desire to retire and will do so on Dec. 31. Singer and Elavia have been working together on this project since its inception, and they will continue to work closely to ensure a smooth transition, IGM says in a news release.

The combined entity will continue to maintain its North American presence in Toronto, Montreal and Winnipeg along with an international presence in Dublin and Hong Kong.

“Our objective is to have the strongest team of resources focused on driving the best results for our clients,” Carney notes. “This new structure will enable us to offer our best capabilities to all clients and give us the scale to meet the opportunities of the future.”

Read: IGM downsizing, focusing on HNW clients

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