Mackenzie Financial, a unit of IGM Financial, will acquire the assets of Cundill Investment Research, which subadvises Mackenzie's C$12.5 billion (US$11.1 billion) in mutual funds, according to a news release from Mackenzie. Mackenzie currently has roughly C$52.8 billion in assets under management. Cundill Group also manages more than C$3 billion in institutional and high-net-worth mandates for global clients.
The acquisition is expected to close in the third quarter, and Cundill's investment management team will operate as a separate division of Mackenzie. Cundill CIO Peter Cundill will continue to direct the team of portfolio managers running the Mackenzie funds, all of whom will remain with the company, according to the news release.
Lisa Pankratz, president of Cundill Investment Research, declined to disclose the terms of the planned acquisition but said the move was an extension of Cundill's eight-year relationship with Mackenzie.