Toronto-based Mackenzie Financial Corp. has simplified its retail pricing structure for investors, the company announced Wednesday.
For investors in fee-based series, Mackenzie is removing Private Wealth series and lowering fees to provide the same competitive management and administration fee for all account sizes.
For investors in retail series with embedded dealer compensation, Mackenzie is simplifying Private Wealth series pricing to eliminate rebating and align management and administration fees with the fee-based series.
As a result, most investors in Series F and Private Wealth series will receive lower fees. The firm has also made Private Wealth series accessible to more investors by lowering the minimum eligibility requirement from $250,000 to $100,000 per household.
“We want it to be easier to do business with Mackenzie,” says Barry McInerney, president and CEO of Mackenzie Investments, in a statement. “By offering a significantly simplified and competitive pricing structure, we continue to put the focus on the needs of the investors. Our fees are clear and apply to all of our innovative products and solutions. This clarity also makes it easier for the advisors and dealers who work with our solutions.”
Due to the new flat fee structure, series PWF and series E of all funds will be re-designated into series F to create one fee-based series with level management and administration fees.
This updated pricing structure will be available to investors on June 1.
The firm has additionally announced that they will be changing the investment objectives of Mackenzie Income Fund and Mackenzie Short-Term Income Fund, subject to investor approval. Investors of record as of April 23 will receive a notice of meeting prior to a special meeting of investors held on or about June 22.
Lastly, the firm will be merging a number of funds — the names of which can be found in the firm’s news release.