TORONTO, Nov. 12, 2013 /CNW/ - AGF Investments Inc. today announced
changes to its portfolio management teams and product lineup. The
changes highlight the company's commitment to providing investors with
a diversified offering that reflects today's investment needs.
Investment Management Appointments
Peter Frost has been named Senior Vice-President and Portfolio Manager*.
Mr. Frost joined AGF in 2010 and currently manages three Canadian
balanced and equity mandates, with combined assets of over $2.7
billion. Under his leadership, these funds have delivered consistent
income and capital growth to investors. Both the AGF Monthly High
Income Fund and AGF Traditional Income Fund are 4-star
Morningstar-rated Funds1 that have outperformed their benchmarks over one-, two- and three-year
Brian Madden has been promoted to Vice-President and Portfolio Manager*.
Mr. Madden joined AGF in 2010 and is co-manager along with Michael
White, Vice-President and Portfolio Manager in the management of AGF's
Canadian Asset Allocation Fund. This $750 million Fund focuses on
downside protection and upside growth and has posted first-quartile
performance over the six-month and one-year period2.
Enhancements to the AGF Product Suite
As part of an ongoing review of its product offering, AGF is proposing
several enhancements to its fund lineup. The following proposed changes
are expected to occur in or about May 2014, pending all required
AGF High Income Fund to be merged into AGF Monthly High Income Fund
AGF High Income Class to be merged into AGF Diversified Income Class
AGF Conservative Asset Allocation Fund to be merged into AGF Canadian
Asset Allocation Fund
AGF All Cap 30 Canadian Equity Fund to be merged into AGF Canadian Stock
AGF Social Values Equity Fund to be merged into AGF Global Equity Fund
AGF Social Values Balanced Fund to be merged into AGF Traditional Income
Until the proposed mergers take effect, the merging funds will continue
to be managed in accordance with the existing strategies and objectives
set out in the prospectus. All costs and expenses associated with the
mergers will be borne by AGF. More detailed information will be sent to
investors (including details of the expected investor meetings) in
AGF will also terminate Acuity Pooled Corporate Bond Fund, on or about
December 9, 2013. Affected investors will be advised of their options
by letter prior to the termination.
Portfolio Manager Changes
Effective today, a number of portfolio manager changes will be made.
AGF Investments Inc. has been named portfolio manager of AGF All Cap 30
Canadian Equity Fund, AGF Conservative Asset Allocation Fund, AGF High
Income Fund, AGF Social Values Balanced Fund, AGF Social Values Equity
Fund, Acuity Pooled Canadian Balanced Fund, Acuity Pooled Conservative
Asset Allocation Fund and Acuity Pooled High Income Fund.
Highstreet Asset Management Inc., a wholly owned subsidiary of AGF
Management Limited with a long track record of managing small cap
mandates, has been named portfolio manager of AGF Canadian Small Cap
Discovery Fund and Acuity Pooled Canadian Small Cap Fund.
AGF Investments Inc. and Highstreet Asset Management Inc. are assuming
portfolio management of these mandates formerly managed by Acuity
Investment Management Inc.
As a result of these changes to the fund lineup, Hugh McCauley, Warren
Fenton and David Pirie will be departing the firm. All three joined AGF
through the acquisition of Acuity in 2011 and have been integral in the
integration of the two companies.
ABOUT AGF MANAGEMENT LIMITED
AGF Management Limited is one of Canada's premier independent investment
management firms with offices across Canada and subsidiaries around the
world. AGF's products include a diversified family of award-winning
mutual funds, mutual fund wrap programs and pooled funds. AGF also
manages assets on behalf of institutional investors including pension
plans, foundations and endowments as well as for private clients. With
approximately $37 billion in total assets under management, AGF serves
more than one million investors. AGF trades on the Toronto Stock
Exchange under the symbol AGF.B.
*pending regulatory approval
1Morningstar Ratings reflect performance as of 31/10/2013 and are subject
to change monthly. The ratings are calculated from a fund's 3, 5, and
10-year returns measured against 91-day Treasury bill and peer group
returns. The top 10% of the funds in a category get five stars. The
Overall Rating is a weighted combination of the 3, 5 and 10-year
ratings. For more information see www.morningstar.ca. The star ratings and number of funds in the peer group for each period
are as follows: AGF Traditional Income Fund (Canadian equity balanced):
overall 4 stars (260 funds), three years 4 stars (260 funds). AGF
Monthly High Income Fund (Canadian equity balanced): overall 4 stars
(260 funds), three years 3 stars (260 funds), 5 years 5 stars (260
2Period ending October 31, 2013
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Forward-looking
statements include statements that are predictive in nature, depend
upon or refer to future events or conditions, or include words such as
'expects,' 'anticipates,' 'intends,' 'plans,' 'believes' or negative
versions thereof and similar expressions, or future or conditional
verbs such as 'may,' 'will,' 'should,' 'would' and 'could.'
Forward-looking statements are based on certain factors and
assumptions, including expected growth, results of operations, economic
factors, business prospects, business performance and opportunities.
While the company considers these factors and assumptions to be
reasonable based on information currently available, they may prove to
be incorrect. Forward-looking statements are not guarantees of future
performance, and actual events and results could differ materially from
those expressed or implied by forward-looking statements due to, but
not limited to, important risk factors such as level of assets under
management, volume of sales and redemptions of investment products,
performance of investment funds and of investment managers and
advisors, competitive fee levels for investment management products and
administration, and competitive dealer compensation levels and cost
efficiency in our investment management operations, as well as interest
and foreign-exchange rates, taxation, changes in government
regulations, unexpected judicial or regulatory proceedings, and the
company's ability to complete strategic transactions and integrate
acquisitions. The company cautions that the foregoing list is not
exhaustive. The reader is cautioned to consider these and other factors
carefully and not place undue reliance on forward-looking statements.
Forward-looking statements are given only as at the date of this
release and other than specifically required by applicable laws, the
company is under no obligation (and expressly disclaims any such
obligation) to update or alter the forward-looking statements, whether
as a result of new information, future events or otherwise. Additional
risks and uncertainties can be found in our MD&A for the fiscal year
ended November 30, 2012 under the headings "Caution Regarding
Forward-Looking Statements" and "Risk Factors and Management of Risk"
and in our other filings with Canadian securities regulatory
For further information:
Media please contact:
Shareholders and Analysts please contact:
Robert J. Bogart
Executive Vice-President and Chief Financial Officer
Senior Vice-President, Finance