Canada Life announces new mutual funds

by Leo Almazora21 Aug 2020

Canada Life and Mackenzie Investments have announced the launch of the Canada Life shelf of mutual funds.

Available to investors beginning on September 9, the new shelf comes from a rebrand of the existing Quadrus Group of Funds suite. It will feature 18 new mutual funds, representing a curated selection of competitive investment managers that encompass a range of managers, asset classes, and styles.

Canada Life Mutual Funds – which will include Canadian, U.S. and global equity, as well as fixed-income and balanced funds along with asset-allocation strategies – are managed by Mackenzie Investments and will be made exclusively available through Quadrus Investment Services, a subsidiary of Canada Life.

The new mutual funds will also have more cohesion with Canada Life’s segregated fund shelf as it will closely align with the existing collection of seg funds.

“Increasing the overlap between the mutual fund and segregated fund shelves means that customers and advisors can determine which products are most appropriate for their portfolios, providing greater flexibility and choice to build an investment solution that meets the customer's unique financial needs and goals," said Paul Orlander, executive vice-president, Individual Customer, Canada Life.

The news of Canada Life’s rebranded mutual-fund shelf comes after Great-West Lifeco announced the proposed sale of GLC Asset Management to Mackenzie Investments. As part of that transaction, Canada Life plans to establish its own investment-fund management company, Canada Life Investment Management Ltd., which is expected to commence operations in the fourth quarter, pending the necessary registrations and other regulatory approvals.

Contingent on its meeting applicable regulatory and fund securityholder approvals, CLIML will take on fund management and trustee responsibilities for the Quadrus Group of Funds and other Canada Life-branded investment funds next year. Mackenzie investments will retain a role as an administrator and core investment advisor to the funds.

“Aligning the segregated and mutual fund shelves provides clarity of our wealth product offering and allows for consistencies and efficiencies, making it easier for advisors to do business with us," said Hugh Moncrieff, Executive Vice-President, Advisory Network and Industry Affairs, Canada Life.