AGF Funds Inc. announced that, effective today, Ridgewood Capital Asset Management Inc. is replacing Mulvihill Capital Management Inc. as one of the portfolio managers of the Harmony Canadian Equity Pool, an investment pool within AGF’s Harmony managed asset program.

Ridgewood has acquired Mulvihill’s institutional and wealth management divisions and assumed management of the growth portion of the Harmony Canadian Equity Pool. The pool’s investment management philosophy remains consistent as the individuals responsible for the day-to-day management of the portfolio remain unchanged, AGF says.

Ridgewood is a newly formed corporation controlled by John H. Simpson and Paul Meyer, formerly the senior vp and vp, Equities, respectively of Mulvihill. Ridgewood is providing investment counseling and portfolio management services.

Mulvihill, which intends to focus its activities on its money management and structured products business, will hold a minority interest in Ridgewood.

Harmony provides investors with access to a managed asset program offering seven distinct portfolios and six investment pools (in the trust structure) managed by leading institutional portfolio managers.