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MACKENZIE INVESTMENT ANNOUNCES AGREEMENT WITH IVY MANAGEMENT

    MACKENZIE INVESTMENT ANNOUNCES AGREEMENT WITH IVY MANAGEMENT
    BOCA RATON, Fla., Nov. 1 /PRNewswire/ -- Mackenzie Investment Management Inc. (Mackenzie Investment), a U.S. subsidiary of Mackenzie Financial Corporation (Mackenzie), Toronto, Canada, and the shareholders of Ivy Management Inc. (Ivy Management) have announced an agreement (the Agreement) under which Mackenzie Investment would purchase all of Ivy Management's capital stock.  Ivy Management is the investment adviser to Ivy Fund, consisting of four separate portfolios:  Ivy International Fund, Ivy Growth Fund, Ivy Growth With Income Fund and Ivy Money Market Fund.  Ivy Fund had approximately $350 million in assets as of Oct. 30, 1991.
    The board of trustees of Ivy Fund has approved a new management agreement between Ivy Management and Ivy Fund, subject to the approval of Ivy Fund shareholders.  The Agreement is contingent on, among other things, such shareholder approval.
    Shareholders of Ivy Fund as of the closing date of the Agreement, which is anticipated to be Dec. 31, 1991, would continue to be able to invest in Ivy Fund without a sales charge.  Sales of Ivy Fund shares (other than Ivy Money Market Fund shares) to new investors following the closing date generally would be subject to a sales charge.
    Mackenzie Investment, a Boca Raton-based investment advisory firm, is a subsidiary of Mackenzie, which as of Sept. 30, 1991, had approximately $7.4 billion (U.S.) under management on behalf of 20 Canadian-registered mutual funds and on behalf of other advisory accounts.  Mackenzie manages one of Canada's largest stock and bond portfolios.  Mackenzie Investment currently has in excess of $382 million under management on behalf of 12 U.S.-registered mutual funds.
    -0-                        11/1/91
    /CONTACT:  James F. O'Donnell of Mackenzie Financial Corporation, 416-922-5322, or Michael G. Landry of Mackenzie Investment Management Inc., 407-393-8900/ CO:  Mackenzie Investment Management Inc.; Ivy Management Inc. ST:  Florida IN:  FIN SU: DC -- DC006 -- 0116 11/01/91 10:11 EST
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Publication:PR Newswire
Date:Nov 1, 1991
Words:316
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