Canada Life and Mackenzie Investments will offer a shelf of mutual funds under a new name starting September 9.
According to the announcement, the fund package called Canada Life Mutual Funds includes 18 new funds and a shelf of renamed Quadrus mutual funds.
The offering includes “a range of managers, asset classes and styles” with exposure to Canadian, U.S. and global equities, as well as fixed income and balanced funds.
The new shelf will be managed by Mackenzie and available through Canada Life subsidiary Quadrus Investment Services Ltd.
The release noted that the new products “will be more closely aligned with the dedicated Canada Life funds shelf,” which has been a priority for the company since the merger of three GWL life insurers in fall 2019.
“Greater overlap between the mutual fund and segregated fund shelves means clients and advisors can determine which products are most suitable for their portfolios, providing greater flexibility and choice in building an investment solution that meets a client’s unique financial needs and goals ” – said Paul Orlander, executive vice president of consumer client at Canada Life, in a press release.
In early August, GWL announced the proposed sale of another subsidiary, GLC Asset Management Group Ltd., a company owned by Mackenzie Investments. In connection with this transaction, Canada Life intends to establish its own investment fund management company under the name Canada Life Investment Management Ltd. (CLIML), which will commence operations in the fourth quarter of 2020 if all approvals are obtained.
