AGF Management Limited has completed its purchase of a 30% interest in the newly merged professional and financial services group Smith & Williamson Holdings Limited.

The merger of NCL (Securities) Limited and Smith & Williamson creates one of the leading independent private client investment management, financial advisory and accounting groups in the United Kingdom (UK), says AGF.

Prior to the merger, AGF owned a 43.5% stake in NCL and has subscribed C$70.0 million of new capital in the enlarged business. Plans for the merger were announced on August 6, 2002.

The company provides investment management, tax and trust, private banking, pensions and financial and business advisory services to private clients, professional practices and mid-size corporations. It will continue to operate under the Smith & Williamson name, with the investment management division operating under the name NCL Smith & Williamson and in Northern Ireland as Cunningham Coates.

The merged firms had combined revenues of £100 million in the last financial year and over £5 billion of funds under management. The group has 1,100 employees based in London and a further eight offices in the UK.