(May 15 – 16:40ET) – Mackenzie Financial Corp. has reported its consolidated financial results for the year ended March 31, 2000.
Revenue was $862.4 million, an increase of $175.3 million (26%) from $687.0 million for the previous year. Net earnings were $176.7 million ($1.39 per share), including a $79.5-million gain (62¢ per share), net of income taxes of $27.9 million, resulting from the sale of Mackenzie’s investment in shares of Merrill Lynch & Co., Canada Ltd. Mackenzie no longer holds an investment in Merrill Lynch. Net earnings in the previous year were $106.7 million (85¢ per share), which included a $27.3-million gain (22¢ per share), net of income taxes of $13.8 million, resulting from the exchange of Midland Walwyn Inc. shares for Merrill Lynch shares in August 1998.
In total, Mackenzie’s investment management assets under administration at March 31, 2000, were $39.9 billion, an increase of $6.4 billion from March 31, 1999. Mackenzie manages approximately $33.0 billion in 66 mutual funds on behalf of over one million Canadian investors. In addition, the firm provides investment advisory services to $1.8 billion in private-client accounts and, through subsidiary companies, operates a Canadian trust company and administrative business to complement and expand the core mutual-fund business. Mackenzie Investment Management Inc. a majority-owned U.S. subsidiary, manages CA$5.1 billion of mutual-fund assets distributed in the U.S.
-IE Staff