Canada Life to launch new shelf of mutual funds

Canada Life and Mackenzie Investments will be offering a newly rebranded mutual fund shelf starting on Sept. 9.

The suite of funds, called the Canada Life Mutual Funds, includes 18 new funds and a rebranded shelf of Quadrus mutual funds, according to a release.

The offerings include “a range of managers, asset classes and styles,” with exposures to Canadian, U.S. and global equities, as well as fixed-income and balanced funds.

The new shelf will be managed by Mackenzie and available through Canada Life subsidiary Quadrus Investment Services Ltd.

The release noted that the new products “will be more closely aligned to Canada Life’s segregated fund shelf,” a priority of the company’s since the fall 2019 amalgamation of GWL’s three life insurance companies.

“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, for Canada Life, in the release.

In early August, GWL announced the proposed sale of another subsidiary, GLC Asset Management Group Ltd., to Mackenzie Investments. Tied to this transaction, Canada Life aims to create its own investment fund management company — called Canada Life Investment Management Ltd. (CLIML) — which would begin operating in Q4 2020 if all approvals are obtained.

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