Mackenzie Investments layoffs: 4% of workforce cut, including executives, in restructuring

What’s happening at Mackenzie Investments?

Canadian mutual fund manager Mackenzie Investments has laid off approximately 50 employees as part of a significant restructuring effort led by the firm’s new CEO, Luke Gould. The layoffs include several senior executive positions, marking a notable shift in the company’s leadership structure.

Details of the layoffs

• The layoffs occurred in two phases, affecting a range of roles from senior executives to portfolio managers.
• Among those let go were Michael Schnitman, head of alternative investments, and Michael Cooke, head of exchange-traded funds.
• The cuts represent about 3-4% of Mackenzie’s workforce, which now stands at approximately 1,350 employees.

Official context and statements

In an emailed statement to Bloomberg, Mackenzie Investments said, “After conducting a review, we have made changes to our organization over the last two months to simplify our leadership structure, position Mackenzie for continued growth, and continue to provide investment excellence and strong client outcomes.”

The restructuring comes as Mackenzie faces challenges in its mutual fund business, including increased competition from lower-cost products like exchange-traded funds (ETFs) and the growing market share of Canada’s big banks in fund sales. The reorganization aims to streamline operations, reduce duplication, and consolidate assets under fewer managers.

Leadership changes

• Luke Gould, who became Mackenzie’s CEO in July 2023, has been with the parent company, IGM Financial, for over 25 years, previously serving as IGM’s CFO.
• Ryan Dickey, formerly Mackenzie’s co-head of retail distribution, has transitioned to a role at Northleaf Capital Partners, a private equity firm partially owned by Mackenzie.

Your rights

In Canada, non-unionized employees at Mackenzie Investments are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Severance offers and deadlines

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay. An employer’s deadline to sign back a severance offer is not legally enforceable or binding.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Major layoffs continue

The job cuts come amid a flurry of layoffs in 2024.

Big names, including Wells Fargo, Intuit, UiPath, Dyson, Vancity, Stifel, SAP Canada, Netflix, AmDocs, EXL Service, Best Buy, Relic Entertainment, Ubisoft, Intel, Amazon, and Telus, have pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Shell to lay off 20% of deals division, part of restructuring
• Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.