Investors Group Inc. wants to change its name to better reflect its two core business groups.

The Winnipeg-based company, which took over Mackenzie Financial Corp. in 2001, will ask shareholders at its annual meeting April 30 to approve the new name, IGM Financial Inc.

The name ‘IGM Financial’ is derived from the corporation’s two core business units, Investors Group and Mackenzie, the company said. The descriptor “Financial” reflects the scope of industry leading financial services and products that the corporation offers.

“This change will only affect the name of the public company,” the company said in a release. “It does not affect the name of the Investors Group financial planning and mutual fund organization. Both Investors Group and its sister company Mackenzie will continue to operate their businesses under their current names and through their existing brands, which are well-established and respected in the marketplace.”

Investors Group, the country’s largest manager and distributor of mutual funds and other managed asset products, said the new name will also help distinguish the public corporation from its operating business units.