Shifting Competitive Environment in Canada Favors Asset Managers With Best Fund Performance
After transferring coverage to a new analyst, we have updated our outlook, including our moat and moat trend ratings, for the independent Canadian asset managers we cover. This has led to a lowering of our moat rating for AGF Management to none from narrow, and a shift in the moat trend for CI Financial to negative from stable. In our view, CI Financial is the best positioned of the three independent Canadian asset managers we cover, with AGF Management being the worst positioned and IGM Financi...AGF Management is an integrated, global wealth management corporation whose principal subsidiaries provide investment management for mutual funds, institutions and corporations, as well as high-net-worth clients; and trust products and services (including real estate secured loans and investment loans and Guaranteed Investment Certificates). Co. conducts the management and distribution of mutual funds in Canada under the brand names AGF, Elements and Harmony (collectively, AGF Funds). Co. conducts its trust business under the name AGF Trust Company.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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