Document:

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                                                                    EXHIBIT 37.1

                                  Amendment of
                      Agreement Regarding Change in Control
                   With Mackenzie Investment Management, Inc.

         THIS AGREEMENT, dated as of May 22, 2002 (the "Amendment Effective
Date"), by and between Beverly Yanowitch (the "Executive") and Mackenzie
Investment Management, Inc. (the "Company");

                                WITNESSETH THAT:

         WHEREAS, the Executive and the Company have entered into the Agreement
Regarding Change in Control with Mackenzie Investment Management, Inc. dated
December 15, 2000 (the "Agreement");

         WHEREAS, amendment of the Agreement is now desirable;

         NOW, THEREFORE, IT IS AGREED by and between the Executive and the
Company that beginning on the Effective Date (as defined in the Agreement) the
term "Company" (as defined in the Agreement) shall mean Mackenzie Investment
Management, Inc. and that the Agreement is hereby amended as of the Amendment
Effective Date in the following particulars:

         1. By substituting the following for paragraph 1(b) of the Agreement,
and by adding the following new paragraph 1(c) to the Agreement:

         "(b) If a Change in Control shall have occurred during the Agreement
         Term (as it may be extended from time to time), the Agreement Term
         shall continue for a period of twenty-four calendar months beyond the
         calendar month in which such Change in Control occurs and, following an
         extension in accordance with this paragraph (b), no further extensions
         shall occur under paragraph 1(a). Except as otherwise provided by
         paragraph (c) below, the Agreement Term shall end on the last day of
         the twenty-fourth calendar month following the calendar month in which
         such Change in Control occurs.

         (c) If a Change in Control shall have occurred during the Agreement
         Term (as it may be extended from time to time), and thereafter, during
         the Agreement Term (as it has been extended in accordance with
         paragraph (b) above), a Second Change in Control shall occur, then the
         Agreement Term shall continue for a period of twenty-four calendar
         months beyond the calendar month in which such Second Change in Control
         occurs and, following an extension in accordance with this paragraph
         (c), no further extensions shall occur under paragraph 1(a), paragraph
         1(b) or this paragraph 1(c). The Agreement Term shall end on the last
         day of the twenty-fourth calendar month following the calendar month in
         which such Second Change in Control occurs."

         2. By substituting the following for the last paragraph of paragraph 9
of the Agreement:

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         "For purposes of this Agreement, a "Second Change in Control" shall be
         deemed to occur on the date of any of the following events with respect
         to either the Company or New Parent (referred to generically as
         company):

         (a)      the acquisition in one or more transactions by any "Person"
                  (as such term is used for purposes of Section 13(d) or Section
                  14(d) of the Act) but excluding, for this purpose, the Company
                  and New Parent or their Subsidiaries, or any employee benefit
                  plan of New Parent or the Company or their Subsidiaries, of
                  "Beneficial Ownership" (within the meaning of Rule 13d-3 under
                  the Act) of thirty-five percent (35%) or more of the combined
                  voting power of the company's then outstanding voting
                  securities;

         (b)      the individuals who, as of April 1, 2002, constitute the Board
                  (the "Incumbent Board") cease for any reason to constitute at
                  least a majority of the Board; provided, however, that if the
                  election, or nomination for election by the company's
                  shareholders, of any new director was approved by a vote of at
                  least a majority of the Incumbent Board, such new director
                  shall be considered as a member of the Incumbent Board, and
                  provided further that any reductions in the size of the Board
                  that are instituted voluntarily by the Incumbent Board shall
                  not constitute a Change of Control, and after any such
                  reduction the "Incumbent Board" shall mean the Board as so
                  reduced;

         (c)      a merger or consolidation involving the company if the
                  shareholders of the company, immediately before such merger or
                  consolidation, do not own, directly or indirectly, immediately
                  following such merger or consolidation, more than sixty-five
                  percent (65%) of the combined voting power of the then
                  outstanding voting securities of the corporation resulting
                  from such merger or consolidation;

         (d)      a complete liquidation or dissolution of the company or a sale
                  or other disposition of all or substantially all of the assets
                  of the company;

         (e)      acceptance by shareholders of the company of shares in a share
                  exchange if the shareholders of the company, immediately
                  before such share exchange, do not own, directly or
                  indirectly, immediately following such share exchange, more
                  than sixty-five percent (65%) of the combined voting power of
                  the then outstanding voting securities of the corporation
                  resulting from such share exchange.

         For Purposes of this Agreement, a Second Change in Control shall also
         be deemed to occur on the date of either of the following events:

                  (A) New Parent ceases to beneficially own at least 50% of the
                  voting power of all outstanding capital stock of the Company.

                  (B) Either:

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                           (i) substantially all of the business and assets of
                           the Company; or

                           (ii) substantially all of the business or assets of
                           the Company's business unit which is responsible for
                           management and sales of the mutual funds in the
                           United States or substantially all of the business or
                           assets of the Company's business unit which manages
                           mutual funds sold to the Canadian marketplace by the
                           New Parent or a New Parent Affiliate;

                  are transferred to a business (or other transferee) other than
                  New Parent or a New Parent Affiliate.

         For purposes of this Agreement the term "New Parent" shall mean
         Investors Group Inc. and include any corporation, partnership, joint
         venture, or other entity that succeeds to the interest of New Parent by
         means of a merger, consolidation, or other restructuring. The term "New
         Parent Affiliate" means the New Parent and any of its "affiliates" as
         that term is defined in the Exchange Act.

         Notwithstanding anything contained in this Agreement to the contrary,
         if Executive's employment is terminated prior to a Second Change in
         Control and Executive reasonably demonstrates that such termination was
         at the request of a third party who has indicated an intention or taken
         steps reasonably calculated to effect a Second Change in Control who
         effectuates a Second Change in Control, then for all purposes of this
         Agreement, the date of a Second Change of Control shall mean the date
         immediately prior to the date of such termination of Executive
         employment."

         IN WITNESS THEREOF, the Executive has hereunto set his hand, and the
Company has caused these presents to be executed in its name and on its behalf,
all as of the Amendment Effective Date.

                                          Mackenzie Investment Management, Inc.

                                          /s/ KEITH J. CARLSON
                                          -------------------------------------
                                          By: Keith J. Carlson
                                          Its:  President & CEO

/s/ BEVERLY YANOWITCH
---------------------------------
Executive: Beverly Yanowitch

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                                                                 EXHIBIT 10.38.1

                          MACKENZIE GROUP OF COMPANIES

                      MACKENZIE INVESTMENT MANAGEMENT INC.
                             EMPLOYEE RETENTION PLAN

           (AS AMENDED BY THE MIMI BOARD OF DIRECTORS ON JUNE 7, 2002)

1.     PURPOSE

       The primary purpose of this Retention Plan is to ensure the successful
       continuance of our business in the event of a change in control. We
       believe that in these extraordinary circumstances it is essential that
       the Company stabilize the employee workforce. We also want to prevent
       employees from being unnecessarily distracted by their particular
       circumstances, reduce any climate of uncertainty, ensure fair and
       equitable treatment of staff, and reduce or limit any involvement in
       unnecessary litigation.

2.     BASIC PRINCIPLE

       Every regular full-time or part-time employee is guaranteed compensation
       income (which includes salary plus bonus) through February 15, 2003.
       During the period of application of this Plan, if an employee is released
       from his or her employment following a change in control (other than for
       cause), Mackenzie (or a successor employer) will pay the severance
       arrangements listed below. Regular full time employees who work less than
       a full week will be covered on their prorated basis.

       Please see point #10 for the definition of "change of control."

3.     TERMS OF THE PLAN

       If an employee is terminated without cause as a result of a change of
       control of the company during the period from November 15, 2000 to
       February 15, 2003, the following severance arrangements will apply:

       The employee will receive compensation income which will be the greater
       of:

           -    compensation income to February 15, 2003,
                                    OR

           -    one month of compensation income per year of service (to a
                maximum of 24 months).

       Regular employees who work less than a full week will be paid on a
       prorated basis.

4.     RESIGNATION

       o    Employees who voluntarily resign will not receive any payment under
            this Plan.

       o    An employee who turns down an offer of a comparable position will
            not be eligible for any payment under this Plan. The employee will
            be deemed to have resigned.

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5.     COMPARABLE POSITION

       Employees may be offered a comparable position at Mackenzie after a
       change of control.

       To be a comparable position, the position must:

       o    Provide base compensation and benefits that are comparable in the
            aggregate to the employee's current position,

       o    Provide an opportunity for variable bonus pay that is comparable to
            the employee's current position,

       o    Not require the employee to increase the daily one way commuting
            distance from their current place of employment by more than 15
            miles;

                                     AND

       o    Have job skill requirements and duties that are comparable to either
            the employee's current position or a position held by the employee
            within 12 months preceding the date of a change of control.

6.     ACCRUED COMPENSATION AND BONUSES

       o    An employee who is released from his or her employment as a result
            of the change of control during the period the Retention Plan is in
            effect, and is not offered a comparable position, will be paid their
            regular pay, accrued and unused vacation through February 15, 2003;
            PLUS, a pro-rated FY 2003 bonus.

       o    FY 2003 bonus payment for the period from April 1, 2002 to February
            15, 2003 will be calculated based on the FY 2003 bonus target. No
            bonus will be paid if an employee voluntarily resigns or is
            terminated for reasons not related to the change of control.

7.     EMPLOYMENT BENEFITS COVERAGE

       Group medical and employee dental will continue under the COBRA law
       during the Severance Period, or until the employee obtains another
       position in which similar benefits are provided, whichever occurs first.
       The company will pay the COBRA premium on behalf of the employee for
       continuation of medical and employee dental coverage through February 28,
       2003. Employee contributions to the 401(k) plan as well as employer
       matching contributions will cease on an employee's termination date.

8.     RELEASE

       Before receiving any payment under this Plan, employees are required to
       sign a Separation Agreement and General Release acceptable to Mackenzie.

9.     STATUTORY ENTITLEMENTS AND DEDUCTIONS

       The severance pay under this Plan includes notice, or pay in lieu of
       notice and severance pay. All payments under this plan will be reduced by
       applicable withholding taxes, and no amounts will be "grossed up" for tax
       purposes.

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10.    CHANGE OF CONTROL

       In this Plan, "change of control" shall mean: (i) the acquisition in a
       single transaction or a series of related transactions by any person or
       persons acting jointly or in concert of thirty-five percent (35%) or more
       of the outstanding and voting shares of Mackenzie, whether by way of
       take-over bid, merger, amalgamation or otherwise; (ii) the sale by
       Mackenzie of all or substantially all of Mackenzie's undertaking and
       assets; (iii) the acquisition of control of Mackenzie or of its business
       by one or more persons who do not now control Mackenzie; (iv) voluntary
       liquidation, dissolution or winding-down of Mackenzie in connection with
       which a distribution is made to the holders of Mackenzie's common shares;
       or (v) a resolution of the Board of Directors of Mackenzie that a Change
       of Control has occurred or is imminent. For the purposes of this Plan
       "control" shall mean the possession, directly or indirectly, of the power
       to cause a change in the direction of the management and policies of
       Mackenzie or its business whether through the ownership of voting
       securities, partnership interests or assets or by contract or otherwise.

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