AGF Management Ltd. has reached a deal to acquire the mutual fund assets of ING Investment
Management Inc., a subsidiary of ING Canada Inc..

Under the agreememt, announced Wednesday, the ING fund assets will be merged into existing AGF funds. The assets include the top-selling ING Canadian Dividend Income Fund, which will continue to be subadvised by ING.

The 14 ING funds, with $240 million in assets, will be merged into comparable AGF funds. The $100-million ING Canadian Dividend Income Fund will be renamed AGF Dividend Income Fund and will form
part of AGF’s yield continuum products.

The deal is expected to close July 22.
Terms were not disclosed.

“This is an important acquisition that creates the opportunity for AGF to build stronger distribution and subadvisory relationships with ING,” said Blake Goldring, AGF president and CEO, in a news release. “It also allows ING unitholders and supporters access to the breadth and depth of AGF’s extensive mutual fund product lineup.”