AGF Management Ltd. announced Friday the closing of the purchase agreement to acquire 80% of Highstreet Partners Ltd., which wholly owns Highstreet Asset Management Inc., an investment counsel firm based in London, Ont.

Highstreet’s management team continues to hold the remaining 20% of the firm.

Rob Badun, formerly CEO of Highstreet, has been appointed President of AGF Private Investment Management Ltd. In addition, he will chair Highstreet’s board of directors.

Highstreet, which has has $4.8 billion in assets under management, is now part of AGF’s private investment management group of companies (AGF PIM).

AGF PIM now manages more than $11 billion in institutional and private client assets. AGF’s total AUM increases to over $46 billion with the closing of the Highstreet transaction.

“This acquisition expands AGF’s presence in the growing high net worth market and broadens our capabilities in the institutional market,” said Blake Goldring, chairman and chief CEO, AGF Management Ltd., in a news release. “Highstreet’s unique quantitative style of investing complements AGF’s existing investment management expertise.”

Rob Badun commented, “AGF PIM, along with AGF’s executive team, will now evaluate greater opportunities for collaboration that will drive long term business growth. There are many opportunities to explore given the unique strengths of each AGF PIM office and the distribution capabilities of AGF.”