AGF announces portfolio manager change for its Harmony Canadian Equity Pool

    TORONTO, Sept. 2 /CNW/ - AGF Funds Inc. announced that, effective today,
Ridgewood Capital Asset Management Inc. ("Ridgewood") is replacing Mulvihill
Capital Management Inc. ("Mulvihill") as one of the portfolio managers of the
Harmony Canadian Equity Pool, an investment pool within AGF's Harmony managed
asset program.
    Ridgewood has acquired Mulvihill's institutional and wealth management
divisions and assumed management of the growth portion of the Harmony Canadian
Equity Pool. The pool's investment management philosophy remains consistent as
the individuals responsible for the day-to-day management of the portfolio
remain unchanged.
    Ridgewood is a newly-formed corporation controlled by John H. Simpson and
Paul Meyer, formerly the Senior Vice President and Vice President, Equities,
respectively of Mulvihill. Ridgewood is providing investment counseling and
portfolio management services. Mulvihill, which intends to focus its
activities on its money management and structured products business, will hold
a minority interest in Ridgewood.
    Harmony provides investors with access to a managed asset program
offering seven distinct portfolios and six investment pools (in the trust
structure) managed by leading institutional portfolio managers.

    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 Asset Management Group services for institutional and
high-net-worth clients, as well as AGF Trust GICs, loans and mortgages. With
approximately $48 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: Media, please contact: Lucy Becker,
Vice-President, Corporate Communications, (416) 865-4284,;
Karen Archer, Media Relations Manager, Corporate Communications, (416)

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