Michael White is the new lead manager of AGF Canadian Balanced Fund, subject to regulatory approval, AGF Investments Inc. said Wednesday.

White, associate portfolio manager, will assume full portfolio management responsibilities of the fund with the resignation of senior vice president and portfolio manager Christine Hughes. After 20 years in the investment management business, Hughes plans to enjoy a sabbatical that will allow her to pursue outside interests.

“At AGF, our philosophy is to build strong teams and have solid succession plans in place to maintain continuity in fund management,” says AGF executive vice president and chief investment officer Martin Hubbes.

“Michael and Christine have a long history of managing funds together as a successful team. They also share a common philosophy in how AGF Canadian Balanced Fund is managed, so Michael is the ideal successor to assume lead management.”

A seasoned investment professional, White has extensive industry experience in Canadian and U.S. equities. He started his career working with Hughes at a distinguished private investment counselling firm in the 1990s. They left that organization together to manage a retail mutual fund as a team at a boutique investment firm and White eventually succeeded her as lead manager.

AGF Canadian Balanced Fund will continue to be managed with the same investment style and approach with a focus on risk management and capital preservation, AGF says.

“Under Michael’s leadership, the team will continue to apply a macroeconomic approach and an active asset allocation process to provide investors with proven downside protection and strong risk-adjusted returns,” adds Hubbes.

IE