Investors Group Inc. is adding two funds with a growth investment style focus to its product offering, the company announced today.

I.G. Investment Management, Ltd. will provide day-to-day investment advisory services for the new Investors Canadian Growth Fund, and the new IG Mackenzie Maxxum Canadian Equity Growth Fund will be advised by Mackenzie Financial Corp. These funds are expected to be available for investment in mid-summer, subject to regulatory approval.

Both new funds will invest primarily in growth-oriented Canadian companies and will be guided by portfolio managers who have experience and expertise in overseeing growth funds. These new offerings enhance Investors Group’s investment management expertise in Canadian equities and serve to broaden our lineup of Canadian growth funds.

“The addition of two new growth style funds reflects our commitment to meet the diverse investment needs of our clients,” said John Wiltshire, senior vice president, product and financial planning.

Additionally, the new funds will be added to a select number of Investors Group’s Alto and Allegro portfolio funds to replace Investors Summa Fund and IG Mackenzie Select Managers Canada Fund, respectively. Both Investors Summa Fund and IG Mackenzie Select Managers Canada Fund will continue to be offered on a stand-alone basis. Notices will be sent shortly to unitholders of the affected portfolios. These changes are also expected to be made in mid-summer, subject to regulatory approval.

The company also announced the following fund changes:

– The name of Investors Mortgage Fund is changing to Investors Mortgage and Short Term Income Fund. In order to enhance the fund’s ability to generate investment income for unitholders, Investors Group intends to broaden the fund’s mandate by reducing its mortgage content and increasing investments in fixed-term and liquid debt securities. A unitholder meeting is scheduled for June 15 to approve the investment strategy changes. Coincident with this change, the fee structure of the Fund is being revised, including a reduction in the management fee, which is expected to result in a lowering of the Fund’s Management Expense Ratio (MER) over time.

– Given last year’s elimination of the RRSP foreign content limit, Investors Group intends to merge both its IG AGF International Bond Fund and IG Templeton World Bond Fund into Investors Global Bond Fund. The IG AGF International Bond Fund and the IG Templeton World Bond Fund were specifically structured to meet foreign content rules, which are no longer in effect. Unitholder meetings to approve the mergers are also scheduled for June 15.

– Investors Group’s new Investors Global Dividend Fund will be added to the asset mix of two portfolio funds, the Alto Monthly Income and Growth Portfolio and the Alto Monthly Income and Enhanced Growth Portfolio.

– I.G. Investment Management, Ltd. will assume day-to-day investment management of Investors Tactical Asset Allocation Fund to take advantage of the firm’s expertise in quantitative modeling and management of derivative structures. Investors Group will decrease the fund’s annual management fee by 0.05% to 2.20% upon refiling of its prospectus.