| Mackenzie
Review of the Business
ASSETS UNDER MANAGEMENT AND ADMINISTRATION Total
Mackenzie assets under management and administration
as at December 31, 2003 were $38.3 billion, an increase
of 11.3% over the previous year.
Mackenzie’s mutual fund assets under management
totaled $33.8 billion at December 31, 2003, an increase
of 9.4% from $30.9 billion at December 31, 2002. Market
performance positively impacted mutual fund assets by
$3.0 billion during the year. In addition to mutual
funds, Mackenzie provides investment management, administration
and distribution services for private and institutional
investors, segregated funds and labour sponsored investment
funds. All business segments gained assets during 2003.
Private and institutional assets grew 36.6%, segregated
funds increased 35.9% and VenGrowth labour sponsored
funds gained 4.8%.
Sales of long-term funds (excluding money market and
Managed Yield funds) were $4.0 billion in 2003 compared
with $4.3 billion in 2002, a decline of 8.1%. Despite
the market recovery, investors were slow to return to
the equity markets and for much of the year remained
invested in conservative investments such as money market
and income funds. Net sales of long-term funds were
$209 million in 2003, compared to $700 million in 2002.
However, net sales of long-term funds increased in the
last three months of the year indicating positive momentum
in 2004.
The strong relative performance of Mackenzie mutual
funds was confirmed in December, as Mackenzie again
earned the top spot in Morningstar rankings for
offering the most five star funds of any company in
Canada. Morningstar’s ratings are an objective,
quantitative measure of a fund’s historical risk-adjusted
performance relative to other funds in its category.
The top 10 per cent of the funds in each category receive
a five star rating.
Table
5: Changes in Canadian Assets Under Management and Administration
- Mackenzie
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