Borden & Elliot assisted mutual fund giant Mackenzie Financial Corporation in the creation of the first two RSP Clone Funds which utilize forward contracts to obtain exposure to the performance returns of foreign portfolio mutual funds without being treated as foreign property for tax purposes. This allows investors to gain increased foreign exposure for their RRSPs and other registered plans without being subject to penalty tax under the Income Tax Act. These two funds have attracted $1.5 billion in less than 6 months. Borden & Elliot has since acted for over a dozen other fund complexes and several financial institution counterparties in what has become a multi-billion boom for the fund industry in an otherwise slow sales year. The Borden & Elliot team is comprised of Stephen Fyfe (tax), Carol Derk, Andrew Harrison and Bob Hutchison (derivative documentation), while other members of the firm’s Investment Funds Group have handled the regulatory and prospectus work.