Acquisition will enhance Mackenzie’s in-house expertise in growing Sustainable, Responsible and Impact (SRI) investing space
TORONTO, Dec. 1, 2020 /CNW/ – Mackenzie Financial Corporation (“Mackenzie Investments”) today announced that it has entered into an agreement to acquire Greenchip Financial Corp. (“Greenchip”), a Canadian firm focused exclusively on the environmental economy since 2007.
“We’re delighted to welcome Greenchip as our newest investment boutique focused on environmental thematic investing,” said Barry McInerney, President & CEO, Mackenzie Investments. “Canadians have historically had limited options available for investing in the environmental sectors. We believe that Greenchip’s investment strategy and expertise in energy transition and on climate change will help us meet the growing demand of both retail and institutional investors.”
Mr. McInerney noted that Mackenzie has been a leader in bringing impact investing to Canadians, with an evolving suite of funds focused on environmental leadership, gender diversity and sustainability. “The acquisition of Greenchip is a natural evolution reflecting the success of Greenchip’s sub-advisory relationship to the Mackenzie Global Environmental Equity Fund. The Fund has been growing very rapidly, and we expect this to continue as our internal research suggests that 80 per cent of financial advisors prioritize environmental or climate related factors in their selection of SRI investing products.”
Over the past 13 years, Greenchip’s long-term investment performance is top quartile among environmental thematic mandates and the firm has developed unique sector expertise that is not easily duplicated. Greenchip currently manages an investment strategy with a global energy transition theme and oversees more than $485 million in assets on behalf of foundations, endowments and Canadian families (this amount includes $315 million in assets in the Mackenzie Global Environmental Equity Fund).
Their investment process starts with an exclusive focus on companies whose revenues are generated from selling products within the environmental sectors that aim to support the transition towards sustainable forms of energy. These generally fit into six sectors: renewable energy, energy efficiency, clean technology, water, sustainable agriculture, and transportation.
“Directing capital to sustainable infrastructure and environmental solutions has never been more important,” said John Cook, Co-Founder and President of Greenchip Financial. “Partnering with Mackenzie is not just a great cultural fit – it will enable us to take our sector expertise to a much broader group of investors.”
Mackenzie’s SRI Investing team, led by Fate Saghir, Head of SRI Investing, has taken a number of steps to better address climate change, including supporting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), alongside its parent company IGM Financial. SRI investing has been identified by Mackenzie as one of its key business growth catalysts and the firm renewed its commitment to the United Nations’ supported Principles for Responsible Investment by establishing an SRI Centre of Excellence to enhance its SRI practices, capabilities and products.
About Mackenzie Investments
Mackenzie Investments (“Mackenzie”) is a leading investment management firm with $144.5 billion in assets under management as of October 31, 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, Beijing and Hong Kong. Mackenzie is a subsidiary of IGM Financial Inc. (TSX: IGM), one of Canada’s premier financial services companies with approximately $193 billion in total assets under management as of October 31, 2020. IGM is part of the Power Corporation of Canada group of companies. For more information, visit mackenzieinvestments.com.
About Greenchip Financial Corp.
Greenchip Financial Corp. is an independent environmental investment firm founded in 2007 on a thesis that changing demographics, resource scarcity, and environmental degradation would drive historic opportunities and new risks for investors. Greenchip manages one global environmental equity strategy with over CAD $170 million on behalf of endowments, foundations, and high net worth individuals. Since 2018, Greenchip has also sub-advised the Mackenzie Global Environmental Equity Fund. For more information on Greenchip, please visit greenchipfinancial.com.
SOURCE Mackenzie Investments
For further information: Nini Krishnappa, IGM Financial, 647-828-2553 [email protected]
U.S. stocks rebound following rout, bond yields dip
U.S. shares rebounded on Thursday after falling for three consecutive days and benchmark Treasury yields dipped, as investors snapped up technology stocks and shrugged off worries about rising prices, for now.
After posting their biggest slump in at least 11 weeks on Wednesday, U.S. shares bounced back as cash-flush investors looked past concerns that accelerating inflation may prompt quicker interest rate hikes, and deployed their funds once more.
So intent were investors on leaving inflation worries aside that financial markets barely responded to Thursday’s data, which showed U.S. producer prices posting their biggest annual gain since 2010 in April.
“It’s rebound Thursday,” said John Augustine, chief investment officer at Huntington Private Bank, which manages $20 billion. “Given the money on the sidelines, investors are going to be coming back in.”
Still, Augustine said investors should re-deploy their funds in a measured way because “inflation concerns are not going away”.
By midday, the Dow Jones Industrial Average had added 1.4%, while the S&P 500 and the Nasdaq Composite narrowed earlier gains to be up 1.3% and 0.9%, respectively.
The MSCI world equity index, which includes 50 countries, also bounced slightly, gaining 0.2%.
U.S. stocks had tumbled earlier this week after data showed U.S. consumer prices unexpectedly jumped by the most in almost 12 years in April.
Some investors now worry that quickening price pressures could lead the Federal Reserve to tighten monetary policy sooner than expected, and reduce its supply of cheap money that has been propelling financial markets higher.
For now, however, inflation woes took a backseat.
Benchmark 10-year Treasury yields, which had spiked 7 basis points overnight in the biggest daily rise in two months, edged down by more than 3 basis points to 1.6625% as investors took a breather.
Benchmark two-year Treasury yields also pulled back to 0.1589%.
Against a basket of major currencies, the dollar was steady at 90.727, holding gains eked out on Wednesday when expectations of rate hikes burnished the currency’s appeal.
A firm dollar capped gains in the euro, which edged up 0.1% to $1.20875. [USD/]
The pull-back in Treasury yields helped gold to recoup some of Wednesday’s losses, when the jump in bond yields dampened the allure of non-yielding bullion. Spot gold climbed 0.7% off a one-week low to $1,825.61 per ounce.
A recent rally in oil prices also paused on Thursday as investors turned their attention to the coronavirus crisis in India, and as a key U.S. fuel pipeline resumed operations.
Brent crude slumped 3.5% to $66.93 a barrel, while U.S. West Texas Intermediate crude lost 3.8% to $63.53 a barrel.
Among cryptocurrencies, bitcoin, which tumbled 13% overnight when Elon Musk said Tesla would stop accepting it as payment because of its high energy use, fell below $50,000 again on Thursday following reports that the U.S. Justice Department is investigating crypto exchange Binance.
By midday, bitcoin had dropped 2.2% to $48.314.
(Reporting by Koh Gui Qing; additional reporting by Tom Wilson and Marc Jones in London; Wayne Cole in Sydney; Editing Nick Macfie, Dan Grebler and Cynthia Osterman)
Dogecoin dropped after Elon Musk calls it a ‘hustle’ on ‘SNL’ show
By Alden Bentley and Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) -The value of dogecoin dropped sharply in early U.S. hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.
Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.
The billionaire Tesla Inc chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).
Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator’s dream.
Asked ‘what is dogecoin’, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”
When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.
Musk is the rare business mogul to have been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight just as Tesla’s stock is losing steam following last year’s monster rally.
The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and criticized regular old cash for having negative real interest rates.
“Only a fool wouldn’t look elsewhere,” he said in February.
His cryptic tweets “Doge” and “Dogecoin is the people’s crypto” that month kicked off a rally in dogecoin – created as a parody on the more mainstream bitcoin and ethereum.
On Thursday, Musk tweeted: “Cryptocurrency is promising, but please invest with caution!” with a video clip attached in which he said, “it should be considered speculation at this point. And so, you know, don’t don’t go too far in the crypto speculation …”
But he also said, in the video, that cryptocurrency has a “good chance” of becoming what he called “the future currency of the Earth.”
On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800% over the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It hit a record high Thursday above $0.73.
It has overtaken more widely used cryptocurrencies such as litecoin and tether.
Tesla said in February it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for its electric cars, a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.
Tesla shares closed 1.3% higher at $672.37 on Friday.
(Reporting by Gertrude Chavez-Dreyfuss and Alden Bentley in New York, and Noel Randewich and Hyunjoo Jin in San Francisco Additional reporting by Joe White and Vidya RanganathanEditing by Matthew Lewis & Simon Cameron-Moore)
Wealthsimple hits $4 billion valuation on funding from Ryan Reynolds, Drake
(Reuters) -Wealthsimple said on Monday it has raised C$750 million ($610.40 million) in its latest funding round, which more than doubled the Canadian fintech company‘s valuation to C$5 billion.
The latest funding round included participation from celebrities Drake, Michael Fox and Ryan Reynolds, according to the company.
The Toronto-based company that has helped make stock trading, peer-to-peer money transfers and tax filing easily accessible, said it will use the amount raised to further expand its market position, product suite and team.
The latest funding round, led by venture capital firms Meritech and Greylock, also includes investments from iNovia, Sagard, TSV and Redpoint.
The funding consists of C$250 million primary fundraising by Wealthsimple and a C$500 million secondary offering by holding company Power Corp of Canada, its largest shareholder.
Wealthsimple said it has seen rapid growth in the past 14 months as Canadians took an interest in stock trading during the COVID-19 pandemic.
Earlier this year, the company said it plans to grow revenue by adding premium features for its clients.
($1 = 1.2288 Canadian dollars)
(Reporting by Eva Mathews and Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta)
Commander leading COVID vaccine rollout leaves pending investigation
Worldwide coronavirus cases cross 161.42 million, death toll at 3,488,751
Canada slams ‘unconscionable’ Iran conduct since airliner shootdown
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
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