(June 28 – 18:00 ET) – AGF Management Ltd. today announced it has entered into an agreement to acquire 100% of the outstanding shares of Montreal-based investment management firm Magna Vista Capital Management Inc.
With $1.5 billion under management primarily for private clients, Magna Vista will enhance AGF’s growing national presence in private investment management for high net worth clients.
“This is an ideal combination that adds force to AGF’s strategic vision to serve investors at all points on the wealth management continuum,” Blake Goldring, president and CEO of AGF Management Ltd., said in a press release. “We are reinforcing our ability to help Canadians reach investment goals at every stage of their lives.”
The transaction involves an exchange of cash and AGF Class B non-voting shares and is subject to regulatory approval. Magna Vista will be renamed AGF Magna Vista Investment Management Inc. AGF’s existing high net worth group will continue as AGF Private Investment Management.
“Joining forces with AGF will complement our strengths and allow our clients important access to AGF’s renowned international investment expertise, strong brand reputation, and excellent technological and client service capacity,” said Joel Raby, president, Magna Vista Capital Management Inc.
The 21 principals and employees of Magna Vista will continue to operate out of Montreal, while AGF Private Investment Management will remain based in Toronto.
-IE Staff