Canadian AM heavyweight sets sights on Asia
25 July 2013
News, Asia, Singapore, Canada
By Hui Ching-hoo
Toronto-based asset manager Mackenzie Institutional, an affiliate of Canadian giant Power Financial Corporation, is increasing its presence in Asia in a bid to expand its sizeable investment portfolio of US$62 billion.
Mackenzie Institutional Executive Vice President Gary Wing tells Asia Asset Management that the firm is considering sourcing more mandates in the Asia Pacific region as part of a broad initiative, announced in 2011, to offer its investment strategies worldwide.
The firm’s global/international equity division caters to clients with a variety of mandates that access global assets, notably global equity. In addition, the firm has recently launched an Asian credit focused mandate, via the newly acquired Singapore-based team. Nevertheless, the majority of the firm’s product line up is Canada-focussed.
“We already have a fairly significant position in the Canadian market. So it’s natural for us to look beyond the border for business expansion opportunities,” says Mr. Wing, who notes that the US and Asia will be the primary drivers of company business growth going forward.
Mackenzie has recently appointed business consultancy Arris Partners to help it establish a footprint in Asia in terms of brand building and market research: “We’ve developed a very good relationship [with Arris Partners], and it’s clearly proving an effective way for Mackenzie Institutional to enter the Asian market,” says Mr. Wing.
Blake Moore, executive vice president and head of distribution with Mackenzie Investments, says the firm is not setting any hard targets for AUM growth in regard to Asian expansion. “It’s a long-term strategy,” he says. “We don’t want to set the hurdles too high in the early stage. That said, we do have an internal matrix to measure our progress.”
Arris Partners, meanwhile, officially opened for business on April 15. The business is mainly engaged in providing local market knowledge to Western asset managers as they come to explore business opportunities in the Asia Pacific.
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