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 periods.
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 approvals:
- 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 Fund
- 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 Fund
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 early 2014.
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 funds).
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 authorities.
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Robert J. Bogart
Executive Vice-President and Chief Financial Officer
416-865-4264, [email protected]
Senior Vice-President, Finance
416-865-4203, [email protected]