Mackenzie to merge four equity pools

Toronto-based Mackenzie Financial Corp. is planning to merge four equity pools into one pooled wrap program, Symmetry Equity Class. The creation of a single equity pool will simplify the investment process and reporting, and result in clearer investment statements, Mackenzie says. The pools to be merged are Symmetry Canadian Stock Capital Class, Symmetry U.S. Stock Capital Class, Symmetry EAFE Stock Capital Class and Symmetry Specialty Stock Capital Class. Following the merger, Symmetry portfolios will be constructed using two pools: Symmetry Equity Class, a consolidated equity pool; and Symmetry Managed Return Capital Class, a fixed-income pool (or Symmetry Registered Fixed Income Pool, for registered accounts). Shareholders will vote on the proposed merger Dec. 6.

Sentry launches deposit notes

Toronto-based Sentry Select Capital Corp. has launched Bank of Montreal Sentry Select Canadian Income Deposit Notes Total Return Class Series 1. The deposit notes are linked to the performance of a basket composed of an income trust portfolio managed by Sentry’s senior portfolio manager, Sandy McIntyre, and a notional bond portfolio. The portfolio is designed to replicate the performance of Sentry Select Canadian Income Fund. All the fund’s distributions, if any, will be reinvested in the basket’s portfolio. The notes are available for sale until Dec. 15, and mature on or about Dec. 19, 2014. Advisors’ commissions are 5%, with a 0.3% trailer. Redemption fees begin at 6.95% in Year 1 and decline to zero after Year 3. Maximum annual fee is 2.95%. Minimum investment is $2,000.

New co-manager for Emissary Canadian

Toronto-based NBF Emissary Turnkey Solutions LP has appointed Scheer Rowlett & Associates Investment Management Ltd. as co-manager of Emissary Canadian Equity Fund, effective Nov. 1. Scheer Rowlett & Associates will join Bissett Investment Management, a division of Franklin Templeton Investments Corp., which has managed the fund since its inception in 2002. Turnkey president David Kilburn says the company decided to take a two-manager approach to “enhance the performance” of the fund, which has grown to about $55 million in assets under management. National Bank Financial Ltd. in Montreal will manage the gradual transition to a portfolio split between the two managers.

BluMont rolls out multi-managed equity fund

Toronto-based BluMont Capital Corp. has launched BluMont Equity Advantage Fund, which seeks to maximize long-term return while maintaining a low correlation to Canadian equity indices. The company says the fund will be exposed to four funds, each with distinct investment styles. Those funds are: BTR Global Arbitrage Fund, managed by Brad White; Vertex Fund, managed by John Thiessen; BluMont Hirsch Long/Short Fund, managed by Veronika Hirsch; and Hillsdale Canadian Long/Short Fund, managed by Chris Guthrie and Arun Kaul. Advisor commissions are 5%. Management fees are $2.1%. Minimum investment is $2,000.

Hartford’s portfolio management shuffle

Saul Pannell, senior vice president and equity portfolio manager of Boston-based Wellington Management Co. LLP, will no longer manage Hartford U.S. Stock Fund, effective immediately. The role was only temporary, and Pannell will continue to manage Hartford U.S. Capital Appreciation Fund, says Laurie Davis, president and chief financial officer at Toronto-based Hartford Investments Canada Corp. The two remaining portfolio co-managers for the U.S. stock fund, Steven Irons and Peter Higgins, both of Wellington, will continue to share joint responsibility for the fund. Wellington has subadvised on Hartford U.S. Stock Fund since its inception in May 2000. The fund has $6.3 million in assets.

Changes at Counsel

Mississauga, Ont.-based Counsel Wealth Management is adding a global small-cap component to its balanced and conservative portfolios. Effective immediately, Counsel Balanced Portfolio will invest 5% of its assets in units of Counsel Select Small-Cap Fund; Counsel Conservative Portfolio will invest 2.5% in the small-cap fund. “Counsel’s overall approach to investing is to manage risk first,” Counsel president Sam Febbraro says. “Further diversifying our balanced and conservative portfolios by adding small-caps fits our investment philosophy and better aligns these portfolios to investor needs.” The firm has also appointed Karen Bleasby as lead portfolio manager of IPC Portfolio Management Ltd., which advises nine Counsel funds (including Counsel Conservative Portfolio and Counsel Balanced Portfolio). Bleasby is also senior vice president of sister company Mackenzie Financial Corp., and will continue in that role.

Compiled by Lara Hertel (lhertel@investmentexecutive.com).