IGM Financial merges Investor Group’s and Mackenzie’s management organizations

By The IJ Staff | October 20 2017 11:30AM

IGM Financial announced Oct. 19 that the investment management functions of Investors Group and Mackenzie Investments are being merged to form one investment management organization for both companies.

“Investors Group and Mackenzie Investments have a long history of sharing services in a number of areas, which is an important benefit to being part of a combined organization,” stated Jeff Carney, President and Chief Executive Officer, IGM Financial Inc. and Investors Group in an announcement. “This is about building on our position as an industry leader to deliver even better investment performance and provide a broader set of solutions to meet the changing needs of our retail and institutional clients and our advisors.”

Combining under Mackenzie

IGM Financial says the investment management organization will combine under Mackenzie Investments. Investors Group and Mackenzie Investments will continue to maintain differentiated fund shelves and brands. The merger is expected to result “in some modest efficiencies through leveraging scale across the combined organization,” states IGM.

Tony Elavia, Executive Vice-President and Chief Investment Officer of Mackenzie Investments, will lead the combined team. IGM Financial says Jeff Singer, Executive Vice-President and Chief Investment Officer of Investors Group, “had previously indicated his desire to retire and will do so on December 31, 2017.”

International presence

The combined entity will continue to maintain its North American presence in Toronto, Montreal and Winnipeg along with an international presence in Dublin and Hong Kong.

“Our objective is to have the strongest team of resources focused on driving the best results for our clients,” noted Carney. “This new structure will enable us to offer our best capabilities to all clients, and give us the scale to meet the opportunities of the future.”