Global investment advisory firm Brandes Investment Partners, L.P. today announced its intention to establish a Canadian-based mutual fund business.

San Diego-based Brandes plans to offer funds to retail customers through independent financial advisors and dealers.

The company, which has an existing institutional and wrap business in Canada, expects its new Canadian business to be operational by this summer.

The new business will be managed by Brandes Investment Partners & Co. (BIPCo), a Canadian company, based in Toronto, that provides investment management services in Canada. Brandes will provide investment sub-advisory services to BIPCo.

In announcing this initiative, managing partner Charles Brandes said, “We are expanding our commitment to Canada, and look forward to delivering our full line of value-based products directly to Canadian advisors, brokers and their clients. Brandes has been involved in the Canadian market for many years, and, at the end of February, approximately $17 billion of our $102 billion in worldwide assets was managed for Canadian individual and institutional clients,” he continued.

Brandes said that, as an initial step towards providing direct services, the firm has notified Canadian fund manager AGF Management Ltd. of its intention to withdraw as a sub-advisor to several of its mutual funds, including: the AGF International Value Fund, the AGF RSP International Value Fund, the AGF International Stock Class and the AGF Emerging Markets Value Fund.

Under the terms of its contract with AGF, Brandes has provided the required 90-day written notice of termination of its management of certain AGF- sponsored funds. However, in the interests of advisors and their clients, Brandes has offered to manage these funds through the end of the current calendar year. AGF is considering this offer. Further information regarding the actual termination date of Brandes’ management of these funds will be released as soon as it is available.

Brandes said that the new business will be headed by Oliver Murray and Alasdair Hayes, who have a combined total of over thirty-five years’ experience in the Canadian investment industry. They will be based in Toronto and supported by Brandes’ existing Canadian professionals.

“The new business will allow us to broaden and deepen the services Brandes currently provides to Canadian advisors and their clients,” Murray said. “Our goal is to secure our long-term position in the Canadian market.” He added that the company is working on developing its new Canadian product offerings, which will be announced once the necessary regulatory matters have been addressed.