By Staff | July 24, 2007 | Last updated on July 24, 2007
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(July 24, 2007) Mackenzie Financial has unveiled a new version of its Series T mutual funds, which provides investors with a tax-efficient 6% distribution.

With the Mackenzie Series T6 investors can now choose between the new offering and the company’s 20 T8 products, which offer 8% distribution. Investors can also get a 6% distribution on Mackenzie’s other Series T funds.

“Mackenzie Series T funds are an excellent product for investors seeking monthly, tax-deferred income,” says David Feather, Mackenzie Financial’s president. “And with the addition of Mackenzie 6% Series T funds to our existing 8% Series T funds, investors now have greater flexibility in determining how much monthly income they receive.”

The new series is already available and its first monthly distribution of $0.075 will be paid at the end of August.

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Global investor confidence falls

(July 24, 2007) Investor confidence was down in July, according to State Street Global Markets’ Investor Confidence Index. The index dropped 10 points to 87, driven by a lack of confidence from North American institutional investors — whose confidence fell from 107 to 95.8 points.

European investor confidence also declined from 98.1 to 90.4, while Asian investors only dropped slightly from 84 to 83.5.

Ken Froot, a Harvard professor and State Street associate, isn’t surprised by the index’s results. “After the relatively strong readings we have recorded in recent months, it is perhaps not surprising to see something of a reversal this month,” he says. “Even as the macroeconomic growth picture has crystallized, the conflicting signals being sent by individual earnings announcements, coupled with the likelihood of tighter monetary conditions than previously expected, have resulted in a more cautious pattern of investor behavior this month.”

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TD Asset Management finds a new advisor

(July 24, 2007) A new advisor will be taking over TD Asset Management’s International Equity Fund, with AllianceBernstein Canada taking over control on August 1.. The company manages more than $740 billion in assets worldwide.

In a release TD says it chose AllianceBernstein for its successful history of value investing in international equity markets. The bank expects their new advisors “will enable a smooth transfer of responsibilities, and continuity of investment management for the fund.”

TD also announced that it has changed the name of its TD Monthly High Income Fund to the TD Diversified Monthly Income Fund.

(07/24/07) staff


The staff of have been covering news for financial advisors since 1998.