Mackenzie Investments Cuts 4% of Workforce, 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.

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