Boosts AGF's total AUM to nearly $52 billion
TORONTO, Feb. 1 /CNW/ - AGF Management Limited today announced it has
successfully completed its acquisition of 100% of Acuity Funds Ltd. and
Acuity Investment Management Inc. The agreement positions AGF as one of
the largest independent investment management firms in Canada,
increasing its total assets under management (AUM) to nearly $52
As a result of the acquisition, AGF's retail mutual fund and pooled fund
AUM increase from about $23 billion to approximately $27 billion. At
the same time, AGF's institutional and high net worth AUM of about $21
billion increase to approximately $25 billion when combined with
The acquisition was initially announced on November 30, 2010. The
purchase price of $339 million was adjusted based on AUM levels at
closing. A portion of the purchase price will be deferred and is
subject to an AUM-based adjustment over three years from closing.
"The deal demonstrates AGF's commitment to diversification while
effectively leveraging our core focus as an investment management
firm," said AGF Chairman and CEO Blake C. Goldring. "This acquisition
gives us greater scale as we continue to provide excellence in money
management to meet the needs of a diverse range of clients in both the
retail and institutional markets."
He went on to add that "this acquisition expands and strengthens our
presence in Canada and internationally. The addition of Acuity enhances
our investment management capabilities and builds out our product line
up allowing us to offer investors an even broader range of investment
styles and solutions for every market cycle."
The Acuity portfolio management team remains unchanged using its high
quality proven investment style, philosophy and process. Acuity's
investment management team will also be shareholders in AGF with
long-term incentives to focus on delivering performance for investors.
"As we worked towards this closing, AGF reinforced our shared values of
independence, integrity and innovation," said Acuity's former President
and Chief Executive Officer Ian O. Ihnatowycz. "We look forward to contributing to the continued growth
and success of AGF and remain committed to delivering value for all
Mr. Ihnatowycz will now join AGF's board of directors.
About AGF Management Limited
AGF Management Limited is one of Canada's premier investment solutions
firms with offices across Canada and subsidiaries around the world.
AGF's products and services include a diversified family of
award-winning mutual funds, AGF Elements portfolios, the Harmony asset
management program, services for institutional and private clients, as
well as AGF Trust GICs, loans and mortgages. With nearly $52 billion in
total assets under management, AGF serves more than one million
investors. AGF trades on the Toronto Stock Exchange under the symbol
Established in 1990 by Ian O. Ihnatowycz, Acuity manages assets on
behalf of retail and institutional investors including pension plans,
foundations and endowments. Acuity offers a full range of mutual funds,
pooled funds, closed end funds, and wraps (Alpha), as well as
separately managed accounts. Acuity has frequently been recognized for
outstanding performance across all its investment strategies, where the
firm has built an enviable long-term track record.
For further information:
Media, please contact AGF Public Relations and Public Affairs:
Media Relations Manager
AGF Management Limited shareholders and analysts, please contact:
Robert J. Bogart, CPA
Executive Vice-President and Chief Financial Officer