AGF Refines Fund Line Up

    Responds to changing investor needs

    TORONTO, April 20 /CNW/ - AGF Funds Inc. today announced a series of
product and fund management changes designed to meet the evolving needs of
more risk-averse investors. They follow AGF's recent announcement of a number
of fund mergers and other changes aimed at simplifying and improving AGF's
fund line up.
    "At AGF we continue to look for opportunities to refine our product
offering to align it with investor preferences," said Randy Ambrosie,
President, AGF Funds Inc. "These changes better reflect and respond to current
market realities."

    Effective today:

    -   The investment strategy of AGF Canadian Conservative Income Fund will
        change and so will its name - to AGF Canadian Conservative Inflation
        Managed Income Fund. At least half of the Fund's assets will be
        invested in aggregate floating rate and inflation-linked bonds to
        help manage inflation when interest rates rise. AGF Funds Inc.
        continues as the portfolio manager of the Fund.

    -   The investment strategy of AGF World Balanced Fund will move from 90%
        equities and 10% bonds to a more conservative 70%-30% weighting.  The
        strategic mix of 70-30 will remain static. AGF Funds Inc. continues
        as the portfolio manager of the Fund, with AGF International
        Advisors Co. Ltd. (AGFIA) as portfolio advisor. The fixed-income
        component of the Fund will be invested primarily in investment grade
        government and corporate bonds, but may also be invested in emerging
        market debt and high yield bonds.

    -   The portfolio manager will change for AGF U.S. Risk Managed Class and
        AGF U.S. Risk Managed Fund. Highstreet Asset Management Inc., an
        affiliate of AGF which uses a core equity strategy, will replace
        INTECH Investment Management LLC, a growth equity strategy manager.
        While AGF continues to support INTECH as a manager, the firm's U.S.
        equity line up was heavily weighted to growth strategy managers and
        it was felt that a core equity strategy manager with traditionally
        low volatility would help round out its line up of U.S. equity funds.

    -   Nomura Asset Management will no longer be a portfolio advisor for
        AGF China Focus Class, AGF Japan Class or AGF Japan Fund. AGF Asset
        Management Asia Ltd. has been appointed as portfolio advisor on AGF
        China Focus Class. AGF Asset Management Asia is already a portfolio
        advisor on AGF Asian Growth Class, a specialty fund providing
        exposure in Asia, excluding Japan. AGF Funds Inc. continues as the
        portfolio manager of all three funds; AGFIA remains portfolio advisor
        for all three.

    As well, AGF is capping the AGF Elements Advantage feature on its
Elements Products to new purchases effective June 22, 2009. Eligible units
purchased prior to June 22, 2009 will be grandfathered.
    In addition, the closing of AGF World Opportunities Fund, originally
scheduled to take place today, has been postponed until further notice. AGF
will ensure advisors and investors are apprised of the new closing date.
    Today's announcements follow last week's approval by securityholders for
a number of fund mergers and other fund-related changes. Regulatory approval
on the fund mergers is pending.

    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 award-winning mutual
funds, 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 $34.5
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,;
Susan Yellin, Director, Corporate Communications, (416) 815-6211,

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