Mackenzie Investments hired Putnam Investments as subadviser for a combined $1.75 billion in two fixed-income mutual funds.
Putnam assumed portfolio management responsibilities for the $1.47 billion Mackenzie Sentinel Corporate Bond and the $280 million Mackenzie Sentinel Registered North American Corporate Bond funds, according to a Putnam news release.
The move follows the recent departure of Dan Bastasic, vice president, investments, at Mackenzie who was lead portfolio manager for those funds. Mr. Bastasic joined IA Clarington Investments as a senior vice president and portfolio manager, a new position, according to Crystal Quast, an outside spokeswoman for IA Clarington.
In a telephone interview, Mary Taylor, Mackenzie senior vice president, product and marketing, said her company used the departure of Mr. Bastasic as an opportunity to partner with Putnam and strengthen the range of Mackenzie’s capabilities.
She said Mackenzie’s internal high-yield team, led by veterans Steve Locke and Norman Raschkowan, will take over a third fund Mr. Bastasic helped manage — the $1.1 billion Mackenzie Sentinel Strategic Income fund.
Both Mackenzie and Putnam are affiliates of Power Financial Corp.