AdminSource Inc., a wholly owned subsidiary of AGF Management Ltd. has acquired the third-party fund valuation and recordkeeping business of TD Bank Financial Group.

The deal, which is effective today, makes AdminSource a leading provider of administrative services in Canada’s investment fund industry.

AdminSource provides recordkeeping and trust accounting, fund valuation, dealer support and bilingual client services to mutual funds and insurance companies.

“This is the start of a revolution in the industry,” said Blake Goldring, president and CEO, AGF Management Ltd. “Our goal is to create economies of scale and reduce fund administration costs for unitholders, while offering unparalleled, value- added service to new and current clients.”

Through the deal, AdminSource will expand its customer base to over 60 clients and double assets under administration to approximately $20 billion.

Terms of the transaction were not disclosed and AdminSource will offer employment to all of TD Bank Financial Group’s current staff in the fund valuation and recordkeeping business.

In a unique move, AdminSource and CIBC Mellon Global Securities Services Co. joined together to bid on separate portions of TD Bank Financial Group’s business.

CIBC Mellon has purchased TD Bank’s third-party investment fund custody business and will be TD Bank’s primary supplier of internal custody, while AdminSource has acquired the fund valuation and recordkeeping third-party customer contracts.