AGF Management Ltd. (TSX:AGF.B) and Eaton Vance Corp. (NYSE:EV) Wednesday announced the launch of two new mutual funds in Canada and the U.S. that combine the investment management and distribution strengths of the two organizations.
AGF Floating Rate Income Fund is being offered in Canada by AGF Investments and sub-advised by Eaton Vance Management (EVM), a wholly owned subsidiary of Boston-based Eaton Vance. The fund is managed by Scott Page, head of EVM’s bank loan investment group, and Craig Russ, director of bank loan research. EVM is one of the world’s largest and most experienced investors in floating-rate bank loans, with $24.7 billion in assets under management as of March 31, 2012 and a history of bank loan investing dating back to 1989. The fund seeks to earn high levels of current income by investing primarily in floating-rate senior loans and other floating-rate debt securities of companies domiciled in the U.S.
“At AGF we believe that the floating-rate market provides great opportunities for Canadian investors, especially with uncertainty in interest rates and the need to diversify income investments,” says Blake Goldring, chairman and CEO of Toronto-based AGF. “We are pleased to partner with Eaton Vance, a firm that brings extensive experience and a proven track record in loan investing to the Canadian market.”
Eaton Vance Global Natural Resources Fund is being offered in the U.S. by Eaton Vance and sub-advised by AGF Investments America Inc., a wholly owned subsidiary of AGF. With over two decades of experience, the fund is led by Robert Lyon and the AGF Global Resources team. The fund seeks long-term capital growth by investing primarily in equity and equity-related securities of companies around the world engaged in the development, production or distribution of natural resource-related products and services. The fund will employ a top-down approach to asset and sector allocation and individual stock selection.