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 MergersAGFI is proposing to merge the following funds on or about May 15, 2020, subject to obtaining securityholder and regulatory approval: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 ChangeEffective 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 TerminationsAGFI 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