No Effect For Hedge Funds Seen From Planned Mackenzie Sale

Date: Monday, September 9, 2002

Mackenzie Financial Corp. recently announced its plans to sell its subsidiary Mackenzie Investment Management to Kansas City-based Waddell & Reed Financial for US$74 million, but the move is not expected to effect the Canadian group’s hedge fund division. “The hedge funds are part of a separate group, which isn’t being sold by the Mackenzie parent company, so things should remain pretty much unchanged there, said Bruce MacLellan, spokesman for Mackenzie in Toronto.