• Mutual fundsOpens in a new window
• Segregated fundsOpens in a new window

Mutual funds

• Press release: March 24, 2022
• Mutual fund change effective date: on or about April 25, 2022
• Client statements: on or about June 30, 2022

Segregated Funds

• Segregated fund change effective date: on or about May 27, 2022
• Client statements: on or about June 30, 2022

This document highlights the key changes to the funds such as target asset mix, portfolio management teams and more.

Check out the most frequently asked questionsOpens in a new window about the changes to Canada Life balanced funds sub-advised by Mackenzie Investments.

To learn more about the Canada Life Global Strategic Income Fund and Canada Life Canadian Growth Balanced Fund, register for a Canada Life Portfolio Manager Connect Series webinar:

April 14 from 1 to 2 p.m. ET – Mackenzie Investments – Canada Life Global Strategic Income Fund speakers:

• Konstantin Boehmer, SVP, Co-Lead of Fixed Income Team, Head of Global Macro, Portfolio Manager
• Darren McKiernan , SVP, Portfolio Manager, Head of Mackenzie Global Equity & Income Team

 

May 5 from 1 to 2 p.m. ET – Mackenzie Investments – Canada Life Canadian Growth Balanced Fund speakers:

• Dina DeGeer, SVP, Portfolio Manager, Team Co-Lead, Mackenzie Bluewater Team
• David Arpin, SVP, Portfolio Manager, Team Co-Lead, Mackenzie Bluewater Team

What can you expect?

• A deep dive into the fund manager’s approach, from top-level strategies down to individual securities.
• Forward-looking views to inform your strategic perspective.
• Opportunities to engage with portfolio managers directly to answer your questions.

Register hereOpens a new website in a new window

For more details on what the fund seeks to deliver and its investment approach, check out the below feature sheets.

Note: portfolio manager and investment strategy changes are effective April 25, 2022, for mutual funds and May 27, 2022, for segregated funds.

Automatic payments, withdrawals and switches out of the funds will continue on and after the day of the transition. No new forms are required unless the client wishes to change the service/fund allocation. 

PACs and systematic switches impacted by the fund changes

When a fund is hard capped, clients who are already invested in a fund that’s being capped can continue to hold the segregated fund but will not be able to make additional contributions or switch into it. The below segregated funds will be hard capped as part of the fund changes, impacting all regularly scheduled investments including pre-authorized chequing plans (PACs), systematic switches in, and automatic rebalancing.  Switches between sales charge options (for example, deferred sales charge to front-end load sales charge) will no longer be permitted within the hard capped funds.

To minimize client disruption, PACs, automatic switches in and automatic switches between sales charge options within the fund will continue to run and will be re-mapped to move into either an equivalent fund or a Money Market Fund. Please refer to the tables below for the details.

Clients will be mailed a letter notifying them of this change on or about March 24, 2022. To see a copy of the letter, click here.

We strongly encourage you to reach out to your clients with PACs or systematic switches before May 27, to provide updated investment instructions.

Rebalancing service

The rebalancing service provides automatic portfolio rebalancing. It allows your client to choose specific target allocations in order to maintain a consistent balance of risk among different categories of segregated funds. We monitor and rebalance the chosen segregated funds based on the frequency and rebalancing range percentage selected. 

After May 27, 2022, the below hard capped segregated funds will be removed from the eligible list and they will not be included in any future scheduled rebalancing. For example, if the target allocation was 20% Income fund/40% Equity fund/40% Fixed Income Fund, future rebalancing will occur as 50% Equity Fund/50% Fixed Income fund and the Income fund assets will remain as is, and no longer be part of the rebalancing service.  

Clients will be mailed a letter notifying them of them of the change to the rebalancing service on or about May 18. To see a copy of the letter, click here. It’s a good time to connect with your clients to review their portfolios. 

Impacted funds

Impacted funds

Segregated fund shelf	Current fund name*	Fund status after May 27, 2022	PACs/switch programs, automatic rebalancing to be remapped to:
CL LL GWL	Income	Hard cap	Canadian Fixed Income Balanced
CL LL GWL	Monthly Income	Hard cap	Money Market
GWL	Canadian Diversified Balanced	Hard cap	Money Market
CL LL	Diversified Balanced	Hard cap	Money Market

*No longer eligible for the rebalancing service.

Advisor Solutions advisors

Please contact your aligned client service specialist.

Advanced Advisor Practices, MGA and National Account Advisors

Please email wealthhocommunication@canadalife.comOpens in a new window and include your:

• Name and Advisor code
• Whether you’re looking for a list of:
  1. Your clients who hold balanced funds sub-advised by Mackenzie Investments impacted by this change.
  2. Your clients who are impacted by the PAC changes or rebalancing service changes
• It will take approximately 5 to 10 business days to receive a client impact list

Please note:

• For current market value information and client details, please login to the appropriate systems available to you. Client impact lists are created at a point in time and are intended to provide you with key client information only (for example, client name, account type, etc.).
• If you have questions about why Canada Life is making these changes and what they mean for you and your clients, please reach out to your Canada Life wealth wholesaler. This mailbox is only equipped to reply to queries for client impact lists.
  

If you have questions about why Canada Life is making these changes and what they mean for you and your clients, please reach out to your Canada Life wealth wholesaler.