MutualFundWire.com: Updated | Jeff Carney Resurfaces, North of the Border

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Friday, May 3, 2013

Updated | Jeff Carney Resurfaces, North of the Border

Jeff Carney's back.

Fundsters familiar with the situation told MFWire that Toronto, Ontario-based MacKenzie Investments is about to announce the hiring of Carney for a "very important" job.

A veteran Fidelity retirement executive who was one of Bob's boys, Carney then led retirement and wealth and investment management client solutions for Bank of America prior to the Merrill Lynch deal. Carney later followed Bob (Reynolds, that is) to Putnam where he served as Reynolds' right hand. After Carney's role at Putnam changed, he left a year ago to take over Charles Schwab's retail branch network, with an eye on the top spot. Carney left Schwab in November, with Schwab crediting the swift departure to "a change in priorities for his family" on the East Coast.

After MFWire posted the initial version of this story, Mackenzie and its parent, publicly-traded, Winnpeg, Manitoba-based IGM Financial, issued the press release below.

On Monday Carney will join Mackenzie as president and CEO, and he'll also take on the co-president and CEO role at IGM. IGM, in turn, is a subsidiary of Canadian financial services titan Power Financial, which also controls Putnam's parent, Great-West. Carney himself is Canadian and will be based in Mackenzie's headquarters in Toronto, a town he worked in some years hence.

In both roles Carney will succeed Charles Sims, who has held them since 2005. A Mackenzie spokesman confirmed that Sims "was asked to join the Power Financial group after eight successful years heading Mackenzie Investments."

Murray Taylor will remain as the other co-president and CEO of IGM.

"Charles Sims and his leadership team have the company well-positioned for sustained success," a Mackenzie spokesman told MFWire in an e-mailed statement, "and I'm sure Jeff will build on this foundation to strengthen the company even further."

IGM boasts more than C$125B (about US$124B) in assets under management. About half of that is with Mackenzie, a company spokesman told MFWire, and the rest is in Investors Group and Investment Planning Counsel.

"Mackenzie Investments has started expanding our institutional business in the US — still very new," the spokesman stated.

Company Press Release

May 03, 2013 11:53 ET

Jeffrey R. Carney Named Co-President and CEO of IGM Financial, and President and CEO of Mackenzie

WINNIPEG, MANITOBA--(May 3, 2013) - The Boards of Directors of IGM Financial Inc. ("IGM") (TSX:IGM) and Mackenzie Inc. ("Mackenzie") announced today that they have appointed Jeffrey R. Carney, CFA, as Co-President and Chief Executive Officer of IGM, and President and Chief Executive Officer of Mackenzie, effective May 6th, 2013. Murray J. Taylor remains in his current role as Co-President and Chief Executive Officer of IGM.

Mr. Carney has more than 25 years of experience in the investment management and banking industries in Canada and the US. He has held senior executive positions at some of the most prominent financial organizations in North America. He is a graduate of the Bachelor of Commerce program at Queen's University and holds the Chartered Financial Analyst designation.

"I have been an avid admirer of Mackenzie Investments for over 25 years and it is a privilege to have the opportunity to be part of such a well-respected and leading Canadian financial services organization," said Mr. Carney.

Mr. Carney succeeds Charles R. Sims, FCA, who has been Co-President and Chief Executive Officer of IGM, and President and Chief Executive Officer of Mackenzie, since 2005.

"Charlie Sims has made a significant contribution to Mackenzie and IGM Financial over the past eight years," said Jeffrey Orr, Chairman. "He has kept Mackenzie focused on delivering investment excellence to its clients, expanded its distribution reach and strengthened the leadership team."

Mr. Sims will continue working with the Power Financial group following a period of assisting Mr. Carney with leadership transition.

"I am proud of the work we have done and the team we have assembled and developed at Mackenzie Investments during my tenure," Mr. Sims said. "I look forward to the opportunity to continue to build on our collective success with the Power Financial group of companies."

IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with over $125 billion in total assets under management. Its activities are carried out principally through Investors Group through a network of approximately 4,500 Consultants, Mackenzie Financial Corporation through a diversified network of third-party financial advisors and Investment Planning Counsel through a network of financial planners who are dedicated to serving the needs of their clients. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.