AGF Announces Proposed Fund Mergers, Portfolio Manager Change and Series Terminations
TORONTO, Feb. 19, 2020 (GLOBE NEWSWIRE) -- AGF Investments Inc. (AGFI) today announced proposed fund mergers, a portfolio manager change and series terminations to support AGFI’s efforts to further streamline its product suite.
These changes reflect AGFI’s commitment to continually review its line-up to ensure clients have access to products that are relevant, competitive and responsive to market trends.
Proposed Fund Mergers
AGFI is proposing to merge the following funds on or about May 15, 2020, subject to obtaining securityholder and regulatory approval:
| Merging Fund | Continuing Fund | Tax-Deferred or Taxable Merger |
| AGF Asian Growth Class | AGF Emerging Markets Class | Taxable |
| AGF Emerging Markets Balanced Fund | AGF Global Strategic Balanced Fund | Taxable |
| AGF Global Bond Fund | AGF Total Return Bond Fund | Tax-deferred |
| AGF Income Focus Fund | AGF Elements Yield Portfolio | Tax-deferred |
| AGF Tactical Income Fund | AGF Strategic Income Fund | Tax-deferred |
Securityholder meetings are scheduled on or about April 15, 2020. More detailed information will be sent to securityholders of the merging funds (including details of the expected securityholder meetings) in advance of the 2020 securityholder meetings.
Portfolio Management Change
Effective March 2, 2020, the portfolio manager of AGF Tactical Income Fund will change from Cypress Capital Management Ltd. to AGFI. There are no material changes to the investment objective or strategy of the Fund.
Series Terminations
AGFI is terminating Series F and Q for AGF Income Focus Fund and Series F for AGF Tactical Income Fund (the “Series”) effective on or about April 24, 2020. The decision to close the Series was driven by the small number of investors.
Effective today, the Series are no longer available for purchase. As of February 19, 2020, AGFI stopped accepting new purchases and switches into the Series, including pre-authorized systematic purchase plans.
Investors can transfer their investments into another AGF fund, transfer their investment into any other series of the funds they hold or redeem their units.
Investors who remain holding the Series in client-name registered plans will have their units transferred to AGF Canadian Money Market Fund, effective on or about April 23, 2020. Investors holding Series F will have their units transferred into Series F of AGF Canadian Money Market Fund and investors holding Series Q will have their units transferred into MF Series (front end) of AGF Canadian Money Market Fund. Investors who remain holding the Series in client-name non-registered plans and/or any nominee/intermediary-held accounts (both registered and non-registered) will have their units redeemed on or about April 24, 2020, without any redemption fees or sales charges applied.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With $39 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.
The term AGF may refer to one or more of the direct and indirect subsidiaries of AGF Management Limited or to all of them jointly. These terms are used for convenience and do not precisely describe any of the separate companies, each of which manages its own affairs.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances the fund will be able to obtain its net asset value at a constant amount or that the full amount of your investment in the fund will be returned to you.
AGF Investments Inc. is a subsidiary of AGF. AGFI is registered as a portfolio manager across Canadian securities commissions
Media Contact
Amanda Marchment
Director, Corporate Communications
416-865-4160
