Toronto fund company Mackenzie is still looking for its white knight. While ING has been suggested as a possible taker, rumor has it that even Mackenzie insiders may be losing hope about the appearance of a savior.

David Christie, vice president of the Royal Mutual Funds advisory channel, explained that a buyer would probably be a large Canadian company. Even though Mackenzie has hired south-of-the-border Merrill Lynch to help in its search, an American company would balk at the pricetag. Unable to consolidate back-office and distribution, it would lose the operational efficiency that makes the purchase possible for a Canadian company.

Christie said that there just aren't many large fund companies left, and he asserted that Royal Mutual, also located in Toronto, has no interest. In fact, despite the searing Maple Leaf M & A climate and numerous inquiries from possible sellers, the company is not looking for an acquisition of its own. With a full fund line-up and solid distribution channels, Royal Mutual does not, he said, serve to gain by absorbing another company. 

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