AGF Announces Portfolio Management Changes

    Industry Veteran Bob Farquharson Leads New Teams

    TORONTO, Jan. 28 /CNW/ - AGF Funds Inc. announced today that AGF
Management Limited Vice-Chairman W. Robert Farquharson, one of Canada's
leading investment managers, will assume full portfolio management
responsibilities for AGF Canadian Growth Equity Fund, AGF Canadian Resources
Fund, AGF Global Resources Class and AGF Precious Metals Fund, effective
immediately. Mr. Farquharson is also assuming management of AGF Canadian Small
Cap Fund and AGF Funds Inc.'s portion of Harmony Americas Small Cap Equity
    Mr. Farquharson has over four decades of investment management experience
and has been with AGF since 1963. He has been one of the lead managers for
four of these funds for a number of years. He served as Chief Investment
Officer until 2005 and continues as a Director and Vice-Chairman of AGF
Management Limited. In addition, he is Chairman of AGF Asset Management Asia
Ltd. and AGF International Advisors Company Limited.
    Mr. Farquharson will continue to draw on the strength of AGF's Investment
Management team. AGF Associate Portfolio Manager Coulter Wright is also being
added to the AGF Canadian Growth Equity Fund.
    "At AGF, we have worked hard to build a world-class investment management
team that has depth and breadth of talent and delivers strong performance,"
said AGF Funds Inc. President Randy G. Ambrosie. "Our managers and their teams
have been successfully managing investors' assets for 50 years. Continuity in
fund management is an important factor in providing investors with long-term
value and our team focus helps fulfill this commitment."
    AGF also announced that it is conducting a search to recruit at least one
new investment management professional specializing in Canadian and global
resources to continue to supplement the strength of its investment management
and North American equities teams.
    "We have built a culture within AGF that enables us to grow and develop
talented investment professionals," adds Executive Vice-President and Chief
Investment Officer Martin Hubbes. "This internal strength, combined with an
environment that encourages innovative thinking, ingenuity and information
sharing, are attractive features in recruiting world-class investment
management professionals to our teams."
    Today's announcement follows the January 25, 2008 resignation of Charles
Oliver and Jamie Horvat, who had both previously worked with Mr. Farquharson.

    About AGF Management Limited

    AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of more than 50 mutual
funds, the evolutionary AGF Elements portfolios, the Harmony asset management
program, AGF Institutional Account Services, high-net-worth products, and AGF
Trust GICs, loans and mortgages. With approximately $53 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".

For further information:

For further information: AGF Corporate Communications: Lucy Becker,
Vice-President, (416) 865-4284,; Paul Howard, Director,
(416) 865-4345,

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