{"id":498891,"date":"2021-05-26T08:33:29","date_gmt":"2021-05-26T12:33:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/agf-announces-changes-to-its-relationship-with-instar-group-inc\/"},"modified":"2021-05-26T08:33:29","modified_gmt":"2021-05-26T12:33:29","slug":"agf-announces-changes-to-its-relationship-with-instar-group-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/agf-announces-changes-to-its-relationship-with-instar-group-inc\/","title":{"rendered":"AGF Announces Changes to Its Relationship with Instar Group Inc."},"content":{"rendered":"

\nStrategically Pivoting to Diversify its Alternatives Business
\n<\/h2>\n
\n

TORONTO, May 26, 2021 (GLOBE NEWSWIRE) — AGF Management Limited (AGF) today announced that it has entered into a definitive agreement with Instar Group Inc. (Instar) to conclude their joint venture relationship in InstarAGF Asset Management Inc. (InstarAGF) following the establishment of its two flagship funds, InstarAGF Essential Infrastructure Fund I and II (together, the InstarAGF Funds). AGF will retain its economic interest in the InstarAGF Funds including an upcoming third fund (Fund III) managed by Instar, which AGF has agreed to support with an anticipated US$50 million capital commitment.<\/p>\n

\u201cWe are strategically pivoting our focus to further diversify our relationships and capital. Growing our private alternatives business remains integral to our strategy including bringing to market unique alternative offerings for our clients,\u201d said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF.<\/p>\n

AGF has $2.6 billion of AUM and fee earning assets in its private alternatives business today. AGF\u2019s strategic vision for private alternatives combines diversified capabilities across multiple planks alongside participation as a core investor in bespoke and distinct opportunities that deliver added value for the firm\u2019s shareholders.<\/p>\n

\u201cWe are excited about the path forward for AGF, including deepening our platform with our upcoming private credit fund launches and our ongoing work with AGF\u2019s Alternatives Advisory Committee,\u201d added McCreadie. \u201cThe conclusion of the InstarAGF joint venture is a natural progression of the relationship between our two firms and delivers each of us with the flexibility to accelerate our respective business goals.\u201d<\/p>\n

Based on the terms of the agreements, AGF will maintain its respective investment and carried interest participation in the InstarAGF Funds, invest in and receive a carried interest entitlement in Fund III and receive ongoing fees based on assets under management.<\/p>\n

AGF has entered into an arrangement with Instar whereby AGF will earn ongoing annual fees of 14 bps on the assets under management of the InstarAGF Funds and, upon AGF\u2019s commitment to the Fund III, AGF will earn ongoing annual fees of 7 bps on the assets under management of Fund III. Revenue earned from the fee arrangement and carried interest entities will directly flow to AGF\u2019s EBITDA as there are no incremental expenses.<\/p>\n

AGF\u2019s monthly AUM disclosure going forward will be modified to include a line \u201cother fee earning assets\u201d related to AUM associated with this agreement. Disclosure related to income from this fee arrangement will be included in the financial statement notes of AGF\u2019s quarterly financial statements. AGF\u2019s continued interest in the carried interest and the fee arrangement will be recognized as financial instruments under IFRS9. As a result, the current estimated fair value, of AGF\u2019s share of the carried interest and the fee arrangement will be initially recorded on the Balance Sheet and will be carried at its estimated fair value thereafter. Revenue related to the licensing arrangement and carried interest will be recognized in the Statement of Income as amounts become realized.<\/p>\n

\n AGF\u2019s Alternatives Advisory Committee<\/strong>\n <\/p>\n

AGF\u2019s Alternative Advisory Committee, chaired by Blake Goldring, Executive Chairman, AGF, which launched in September 2020 provides strategic insight and advice to the Executive Management Team of AGF. Ron Mock, former President and CEO at the Ontario Teachers\u2019 Pension Plan, and Michael Latimer, former President and CEO of OMERS, are current members of the Committee.<\/p>\n

\n About AGF Management Limited<\/strong>
\n \n <\/p>\n

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF\u2019s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.<\/p>\n

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With over $40 billion in total assets under management, AGF serves more than 700,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.<\/p>\n

\n Media Contact<\/strong>
\n
Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com<\/a><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Strategically Pivoting to Diversify its Alternatives Business TORONTO, May 26, 2021 (GLOBE NEWSWIRE) — AGF Management Limited (AGF) today announced that it has entered into a definitive agreement with Instar Group Inc. (Instar) to conclude their joint venture relationship in InstarAGF Asset Management Inc. (InstarAGF) following the establishment of its two flagship funds, InstarAGF Essential Infrastructure Fund I and II (together, the InstarAGF Funds). AGF will retain its economic interest in the InstarAGF Funds including an upcoming third fund (Fund III) managed by Instar, which AGF has agreed to support with an anticipated US$50 million capital commitment. \u201cWe are strategically pivoting our focus to further diversify our relationships and capital. Growing our private alternatives business remains integral to our strategy … <\/p>\n

Continue reading “AGF Announces Changes to Its Relationship with Instar Group Inc.”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-498891","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAGF Announces Changes to Its Relationship with Instar Group Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/agf-announces-changes-to-its-relationship-with-instar-group-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AGF Announces Changes to Its Relationship with Instar Group Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Strategically Pivoting to Diversify its Alternatives Business TORONTO, May 26, 2021 (GLOBE NEWSWIRE) — AGF Management Limited (AGF) today announced that it has entered into a definitive agreement with Instar Group Inc. (Instar) to conclude their joint venture relationship in InstarAGF Asset Management Inc. (InstarAGF) following the establishment of its two flagship funds, InstarAGF Essential Infrastructure Fund I and II (together, the InstarAGF Funds). AGF will retain its economic interest in the InstarAGF Funds including an upcoming third fund (Fund III) managed by Instar, which AGF has agreed to support with an anticipated US$50 million capital commitment. \u201cWe are strategically pivoting our focus to further diversify our relationships and capital. 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