(January 28 – 15:50 ET) – Mackenzie Financial Corporation is reporting its unaudited consolidated financial results for the three month period ended December 31, 1999.
In total, Mackenzie’s investment management assets under administration as at December 31, 1999 were $37.7 billion, an increase of $4.8 billion from December 31, 1998. Mackenzie manages approximately $30.8 billion in 63 mutual funds on behalf of over one million Canadian investors. In addition, Mackenzie provides investment advisory services to $1.7 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.
Revenue for the three month period ended December 31, 1999 was $185.2 million, an increase of $26.2 million, 16%, from $159.0 million for the corresponding period last year. In the current quarter the growth in assets under administration increased management and administration fees by $19.1 million,13%.
Expenses for the three month period ended December 31, 1999 were $141.5 million, an increase of $20.5 million, 17%, from $121.0 million for the corresponding period last year. General and administrative expenses increased by $3.7 million, 12% . The increase in general and administrative expenses relates to product development costs on our new RRSP fund structure and legal and initial filing fee expenses incurred in the launch of Segregated Funds and our new mutual fund multi-class unit structures.
Trail commissions paid to dealers increased by $6.3 million, 22% , a result of the growth in mutual fund assets under administration and relatively higher sales of equity products and front-end commission sales, which pay higher trail commissions.
Net earnings for the three month period ended were $22.5 million, $0.18 per share. This represents an increase of 16% from earnings of $19.4 million, $0.15 per share, in the corresponding period last year.
prior years.
-IE Staff