The musical chairs at Mackenzie Financial Corp. continues.
Norman Raschkowan, chief investment officer at Mackenzie since late 2007, is taking over the Maxxum family of mutual funds from veteran manager Bill Procter, who retires after 41 years in the industry.
"With $6-billion in assets under management, the Maxxum family of mutual funds plays a significant role in many investor portfolios," Mackenzie's chief executive officer Charles Sims said Wednesday. "With Norman's appointment, we have selected an individual with leadership ability and significant investment experience."
Mr. Raschkowan will become the Maxxum team leader and portfolio manager, effective Friday. He will oversee the Mackenzie Maxxum Dividend, Mackenzie Maxxum Dividend Growth and Mackenzie Maxxum Monthly Income funds. He was formerly chief investment officer at Standard Life Investments Inc. before joining Mackenzie.
Bob Tattersall, who had been set to retire by the end of this year after removing himself from daily stock-picking in two of Mackenzie's Saxon funds, takes over as Mackenzie's interim CIO.
As Mackenzie, a unit of Winnipeg-based IGM Financial Inc. , continues to suffer from net redemptions [including over $182-million in May] the departures over the past six months are raising some eyebrows.
David Feather, who was formerly the president of Mackenzie's fund arm and had been with firm for nearly 20 years, left to join Russell Investments Canada Ltd. in April. No one has been appointed yet to fill his shoes.
This month, Chris Kresic, who was team leader of Mackenzie's Sentinel fixed-income and equity-income team and had been with the firm since 1997, left to join Jarislowsky Fraser Ltd. Steve Locke, who joined Mackenzie after its acquisition of Saxon Financial in 2008, and Dan Bastasic are now co-leaders of the Sentinel team.
Mr. Locke has taken over funds that include Mackenzie Sentinel Bond, Mackenzie Sentinel Cash Management, Mackenzie Sentinel Managed Return Class, Mackenzie Sentinel Money Market, Mackenzie Sentinel Real Return Bond, Mackenzie Sentinel Short-Term Government Bond and Mackenzie Sentinel Short-Term Income.
George Morgan, who gained a high profile while running the Templeton Growth Fund from 2001 to late 2006, joined Mackenzie early last year. He managed Mackenzie's Cundill American Class for less than a year before slipping away quietly at the end of last December. Mackenzie did not announce his departure publicly, but apparently he left to pursue other interests.
UPDATE: Mackenzie Financial says that Mr. Tattersall will continue as Mackenzie's interim CIO until a full-tiime executive has been named, and that is expected to take place within six months.