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Lesley Marks Joins Mackenzie Investments as Chief Investment Officer (Equities) – Canada NewsWire

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Industry veteran will partner with Fixed Income and Multi-Asset Strategies CIO Steve Locke to lead firm’s award-winning investment boutiques

TORONTO, Jan. 5, 2021 /CNW/ – Mackenzie Investments (“Mackenzie”) today announced the appointment of Lesley Marks as Chief Investment Officer (Equities) as part of the succession plan for Tony Elavia, Executive Vice-President and Chief Investment Officer (“CIO”), who last month announced his intention to retire December 31st, 2020.

Ms. Marks will be one half of Mackenzie’s new two CIO model, which has been created in recognition of the firm’s growing size and multi-boutique structure. She will play a key role in furthering Mackenzie’s  goal of being Canada’s preferred global asset management solutions provider and will have oversight of its equities’ boutiques.  She will partner with Steve Locke, who was named CIO (Fixed Income and Multi-Asset Strategies) in November.

“Lesley has a sterling reputation in our industry and I know this first-hand from having worked with her in the past,” said Barry McInerney, President and CEO, Mackenzie Investments. “Her extensive mix of research and investment management experience is complemented by a strong commitment to collaboration and investment excellence. We’re fortunate to have her join Mackenzie. I have full confidence that, under her and Steve’s leadership, our investment management team will be in great hands and that we’ll be able to build on Tony’s legacy of success.”

Ms. Marks is a seasoned investment leader with more than 25 years of experience across asset and wealth management, including 22 years with BMO Global Asset Management and BMO Wealth Management. Most recently she served as CIO and Head of Investment Management of BMO Private Wealth (Canada). In this role she managed a team of more than 80 investment professionals, had overall responsibility for BMO’s Private Wealth Investment Management platforms and led research, product, trading and investment strategy.

Prior to this, she served as Senior Vice-President and CIO (Fundamental Investments), BMO Global Asset Management Canada where she led the Canadian active equity and fixed income investment teams and 25 investment professionals. Further, she possesses an extensive track record of successfully managing Canadian equity portfolios. Ms. Marks is a CFA charterholder and holds an MBA from Richard Ivey School of Business and a B. Comm from Queen’s University.

“It’s an honour to be joining one of Canada’s premier asset management firms and I look forward to working with Steve and the entire investment management team,” said Ms. Marks. “Mackenzie has an outstanding track record and Barry, Tony and others have put in place a strategy that’s clearly resonating with advisors and investors across the country.  It’s an exciting time for the firm and I’m thrilled to be given the opportunity to contribute to Mackenzie’s ongoing growth and momentum.”

Ms. Marks will assume her new role January 25th, 2021.

About Mackenzie Investments
Mackenzie Investments (“Mackenzie”) is a leading investment management firm with $153.3 billion in assets under management as of November 30, 2020. Mackenzie provides investment solutions and related services to more than one million retail and institutional clients through multiple distribution channels. Founded in 1967, Mackenzie is a global asset manager with offices across Canada as well as in Boston, Dublin, London, Hong Kong and Beijing. Mackenzie is a member of IGM Financial Inc. (TSX: IGM), one of Canada’s premier financial services companies with approximately $205 billion in total assets under management as of November 30, 2020. For more information, visit mackenzieinvestments.com.

SOURCE Mackenzie Investments

For further information: Nini Krishnappa, Mackenzie Investments, 647-828-2553, [email protected]

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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