Briefly: “Mackenzie names co-leaders of Cundill team” and more news

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Mackenzie Financial has named Andrew Massie and Lawrence Chin to lead its Cundill investment division, succeeding Jim Thompson, who is returning to the United States, and will rejoin Southeastern Asset Management, Inc., effective December 1.

“I have enjoyed working with the Cundill team and everyone at Mackenzie, and with my return home, I am pleased to be leaving the Cundill investment division in such capable hands,” Thompson said.

“Andy and Lawrence are respected portfolio managers with proven track records in investment research and portfolio management” said Robert Tattersall, CFA, chief investment officer of Mackenzie Financial Corporation. “Between them they have over 35 years experience with our Cundill investment team.”

Massie, vice-president investment management and portfolio manager, joined Cundill in 1984. He will continue to manage Mackenzie Cundill Value Fund, which he has had portfolio management responsibilities for since 2004.

Chin, vice-president investment management and portfolio manager, joined Cundill in 1999. He will continue to manage Mackenzie Cundill Canadian Security Fund, Mackenzie Cundill Canadian Balanced Fund, and co-manage Mackenzie Cundill American Class, Mackenzie Focus All-Canadian Class and Mackenzie Focus Canada Fund.

– Steven Lamb

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BlackRock launches preferred stock ETF

BlackRock Asset Management Canada, has launched a new income-oriented addition to its iShares lineup of ETFs.

The iShares S&P/TSX North American Preferred Stock Index Fund (CAD-Hedged) will trade under the ticker symbol “XPF” on the Toronto Stock Exchange.

“Preferred stock generally has higher yields than common stock, the bond market and the money market, but is less risky than equity, making XPF a useful asset for boosting income in a risk-controlled fashion,” said Oliver McMahon, director of product management for iShares ETFs at BlackRock Canada.

The ETF will track the S&P/TSX North American Preferred Stock Canadian Dollar Hedged Index, which consists of 226 U.S. securities and 119 Canadian securities. Currency exposure to the U.S. dollar will be hedged and the fund will charge a management fee of 0.45% per year.

– Steven Lamb

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Franklin Templeton merging small cap funds

Franklin Templeton Investments has announced unitholders have voted to terminate the Franklin Templeton Canadian Small Cap Fund, merging the assets into Bissett Small Cap Fund.

Unitholders of the terminating fund will receive units of the continuing fund on a dollar-for-dollar and series-by-series basis. Unitholders will not be required to pay any redemption fees, sales charges or other fees associated with the termination of the fund.

The merger will take effect on or about the close of business on November 26, 2010.

– Steven Lamb

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SEI plans to terminate two funds

SEI Investments Canada has announced it intends to terminate its Enhanced Global Bond Fund and International Synthetic Fund, on or about Tuesday, January 18, 2011, due to low asset balances.

The termination of the funds is contingent upon unitholders approval. Existing unitholders have the option to redeem or switch their investments on any business day prior to the termination date.

– Steven Lamb