AGF says it has no exposure to ABCP in AGF Funds Inc. money market funds
and comments on AGF Trust
TORONTO, Aug. 28 /CNW/ - AGF Management Limited announced today that
money market mutual funds of its subsidiary AGF Funds Inc. have no exposure to
asset backed commercial paper. AGF's money market funds include AGF Canadian
Money Market Fund, AGF U.S. Dollar Money Market Account and Harmony Money
AGF further communicated that no companies within the AGF group have
investments in asset backed commercial paper, including AGF Trust. AGF Trust
Company President Mario Causarano also addressed AGF Trust's funding by
commenting, "AGF Trust has multiple sources of funding and primarily funds
loans by selling Guaranteed Investment Certificates with Canada Deposit
Insurance Corporation insurance."
"We intend to use existing sources of funding as we continue to grow our
loan assets while maintaining disciplined loan underwriting and credit risk
management processes," explained Causarano.
AGF will report its third quarter results on Wednesday September 26,
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. 2007
marks AGF's 50th anniversary of providing Canadians with innovative investment
solutions across the wealth continuum. 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, private client products, and AGF Trust GICs, loans and mortgages.
With approximately $55 billion in total assets under management as at July 31,
2007, 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: Greg Henderson, Senior Vice-President and Chief
Financial Officer, (416) 865-4156, Greg.Henderson@AGF.com