Toronto-based AGF Investments Inc. is looking to streamline its product lineup with proposed fund mergers and reducing fees on a number of funds.
The proposed mergers are part of an ongoing product review that looks to identify possible efficiencies, according to the firm’s announcement released Wednesday.
The possible mergers include:
> AGF Inflation Plus Bond Fund merging into AGF Fixed Income Plus Fund;
> AGF Canadian Small Cap Discovery Fund merging into AGF Canadian Small Cap Fund; and
> AGF Canada Class merging into AGF Canadian Growth Equity Class.
This news follows a previous announcement made in December that the firm is proposing the following fund mergers:
> AGF Global Value Class merging into AGF Global Equity Class;
> AGF Global Value Fund merging into AGF Global Equity Fund;
> AGF International Stock Class merging into AGF Global Equity Class; and
> AGF Canadian Bond Fund merging into AGF Fixed Income Plus Fund.
“These changes streamline our lineup, while ensuring our products reflect our core investment management capabilities,” says Kevin McCreadie, president and chief investment officer, AGF Investments Inc., through a statement.
AGF notes that the affected funds will continue to be managed in accordance with their existing strategies and objectives until the mergers take place and more information will be sent to investors ahead of unitholder meetings that will take place this year. The firm will absorb all costs and expenses associated with the mergers.
The firm will also lower management fees on select funds across its equity, fixed income, balanced and managed solutions lineup. The changes are effective Apr. 1.
Lower fees will apply to AGF Elements Portfolios’ fee-based series, including corporate class versions, in addition to other products.
The firm has made a full list of the affected funds and their new management fee rates available through its website.