David Feather has resigned as president of the fund arm of Mackenzie Financial Corp. and is heading off to another investment firm, sources say.
The executive, who has been popular with many investment advisers and portfolio managers, joined Mackenzie in 1991, and has held a number of positions within the company. He is expected to stay with the Mackenzie until the end of the month.
Mr. Feather has never been shy about championing active management. He oversaw a brochure last fall aimed at advisers entitled, "I thought I wanted an ETF" which challenged the touted advantages of low-fee exchange-traded funds. " Why shouldn't we defend our product?" he asked. "We don't feel the mutual funds' side is properly explained."
His impending departure comes after the key registered retirement savings plan (RRSP) season when Mackenzie, a unit of IGM Financial Inc. , continued to suffer from net redemptions.
In February, IGM chalked up net sales of $281.6-million. That included net sales of $343.5-million and $22.8-million, respectively, for Investors Group Inc. and Counsel Portfolio Services Inc., while Mackenzie suffered from $84.7-million in net outflows.
A spokesperson for Mackenzie would not confirm the resignation, but said a news release would be issued.