Mackenzie Financial Corp. today announced the appointment of JPMorgan Fleming Asset Management as sub-advisor to Mackenzie Universal World Emerging Growth Capital Class, a $43 million emerging markets mutual fund.

The new management team assumes full direction of the fund on July 30 replacing Henderson Global Investors.

“Once again, the tremendous investment opportunities to be found in emerging markets have captured the attention of Canadian investors,” said David Feather, president of Mackenzie, in a news release. “Market growth in China and India, in particular, has rejuvenated interest in emerging markets, and we’re optimistic about the prospects of our fund under JPMorgan Fleming’s stewardship.”

JPMorgan Fleming has over 30 years experience in emerging markets investing with a team of 40 investment professionals dedicated to managing US$5.5 billion in emerging markets mandates worldwide.

Its worldwide research network is among the largest and most respected in the investment industry and its investment strategies are disciplined, driven by rigorous bottom-up fundamental research, top-down analysis of market trends and experienced portfolio management.

Rick Schmidt, Managing Director, Emerging Market Equity portfolios and Latin mandates, based in JPMorgan Fleming’s New York office, will act as lead manager on the Mackenzie fund. Prior to his current posting, he was based in London and before that, Richard was located in Hong Kong working in emerging market equities from 1986 to 2000.

“Over the medium term, prospects for emerging markets look positive,” said Schmidt. “Not only do these economies have higher prospective growth rates than developed markets, but also they trade at a discount to developed markets valuations.”

JPMorgan Fleming currently co-manages three other funds for Mackenzie, including:

  • Mackenzie Select Managers Japan Capital Class;
  • Mackenzie Select Managers Far East Capital Class; and
  • Mackenzie Select Managers International Capital Class.