Mackenzie Investment Management Inc. has changed the names of three of its mutual funds to more accurately describe their investment approaches.
The Boca Raton, Fla.-based third-party marketer of investment products said it is changing the names to avoid investor confusion.
Effective immediately, the Ivy Emerging Growth Fund, Ivy Latin America Strategy Fund, and Ivy New Century Fund will be known as the Ivy US Emerging Growth Fund, Ivy South America Fund, and Ivy Developing Nations Fund, respectively.
"We want the investing public to know what they are investing in," said Claudine Torre, a Mackenzie spokeswoman.
She said the former Ivy Latin America fund, for example, had a somewhat inaccurate name. The fund primarily invests in the South American countries of Argentina, Brazil, Chile, Colombia, Peru, and Venezuela.
There are 17 funds in the Ivy family, with $4.6 billion of assets under management. Twelve of the funds are international equity, and three are domestic equity. Additionally, there is one bond fund and one money market fund.