February 24 , 2010
$1-million gift aims to improve financial literacy
McMaster University announced today that a $1-million gift from Mackenzie Financial Corporation and Power Financial Corporation will set up an innovative endowed chair at the DeGroote School of Business.
The Mackenzie Financial Chair in Evidence-Based Financial Planning will be a unique research venture that will accelerate knowledge in the field and improve consumers understanding of basic financial investing and planning principles.
"One of the universal realities that has emerged from the current global economic crisis is
that the average Canadian does not know enough about the fundamentals of investing,
financial markets, economics and business strategy to make informed choices about their
personal finances," says Peter George, president of McMaster University. "We are
extremely grateful to Mackenzie Financial and Power Financial Corporation for this gift that
will help improve the financial literacy of Canadians."
The investment of $500,000 from each company, further leveraged through the University's contribution of matching funds, amounts to a $2-million investment.
"We are delighted to make this gift along with Power Financial Corporation," says
Charles R. Sims, president and chief executive officer of Mackenzie Financial Corporation.
"The Mackenzie Financial Chair in Evidence-Based Financial Planning will become a
leader in creating research that can provide advisors and investors a deeper
understanding of the need for and benefits of financial planning."
Research themes may include:
- developing a better understanding of public and private retirement savings options;
- the aspects of risk mitigation inherent in the financial planning process;
- the benefits of a long-term investment strategy;
- passive and active portfolio diversification;
- the saving and investing habits of the average Canadian household; and,
- the role psychology plays in investor decision making.
Paul Bates, dean of the DeGroote School of Business, says that interest in financial
matters among students is strong and that the DeGroote Finance Association is one of the
largest student groups on campus. Furthermore, says Bates, nearly one-quarter of all
DeGroote MBA graduates work in the financial sector.
About McMaster University:
McMaster University, one of four Canadian universities listed among the Top 100 universities in the world, is renowned for its innovation in both learning and discovery. It has a student population of 23,000, and more than 140,000 alumni in 128 countries.
About Mackenzie Financial:
Mackenzie Financial Corporation ("Mackenzie") was founded in 1967 and is a leading investment
management firm providing investment advisory and related services. With $62.5 billion in assets under
management as of January 31, 2010, Mackenzie distributes its services through a diversified network of
third-party financial advisors. Mackenzie is a member of the IGM Financial Inc. (TSX: IGM) group of
companies. IGM Financial, a subsidiary of Power Financial Corporation, is one of Canada's premier
financial services companies with over $118 billion in total assets under management as of January 31,
2010.
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For more information contact:
Jane Christmas
Public Relations Manager: Media Relations
McMaster University
905-525-9140 ext. 27988
chrisja@mcmaster.ca
Michelle Donovan
Public Relations Manager: Broadcast Media
McMaster University
905-525-9140 ext. 22869
donovam@mcmaster.ca
Trish Tervit
Environics Communications Inc.
416-969-2809
ttervit@environicspr.com