AGF Announces Portfolio Management Change

Michael White to assume lead management responsibilities on AGF Canadian Balanced Fund

TORONTO , Jan. 20 /CNW/ - AGF Investments Inc. today announced the appointment of Michael White as the lead manager of AGF Canadian Balanced Fund, subject to regulatory approval.

Mr. White , Associate Portfolio Manager, will assume full portfolio management responsibilities of the fund with the resignation of Senior Vice-President and Portfolio Manager Christine Hughes . After 20 years in the investment management business, Ms. Hughes plans to enjoy a sabbatical that will allow her to pursue outside interests.

"At AGF, our philosophy is to build strong teams and have solid succession plans in place to maintain continuity in fund management," said AGF Executive Vice-President and Chief Investment Officer Martin Hubbes. "Michael and Christine have a long history of managing funds together as a successful team. They also share a common philosophy in how AGF Canadian Balanced Fund is managed, so Michael is the ideal successor to assume lead management."

A seasoned investment professional, Mr. White has extensive industry experience in Canadian and U.S. equities. He started his career working with Ms. Hughes at a distinguished private investment counselling firm in the 1990s. They left that organization together to manage a retail mutual fund as a team at a boutique investment firm and Mr. White eventually succeeded her as lead manager.

AGF Canadian Balanced Fund will continue to be managed with the same investment style and approach with a focus on risk management and capital preservation.

"Under Michael's leadership, the team will continue to apply a macroeconomic approach and an active asset allocation process to provide investors with proven downside protection and strong risk-adjusted returns," adds Hubbes. "Michael will continue to be supported by our diverse award-winning North American, Fixed Income and Global Equity teams as we recruit for an Associate Portfolio Manager to join the Canadian Balanced team."

About AGF Management Limited

AGF Management Limited is one of Canada's premier investment solutions firms with offices across Canada and subsidiaries around the world. AGF's products and services include a diversified family of award-winning mutual funds, AGF Elements portfolios, the Harmony asset management program, services for institutional and private clients, as well as AGF Trust GICs, loans and mortgages. With approximately $45 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information: Media, please contact: AGF Public Relations & Public Affairs: Lucy Becker, Vice President, [phone], [email protected]; Karen Archer, Media Relations Manager, [phone], [email protected]; AGF Management Limited shareholders and analysts, please contact: Greg Henderson, CA, Senior Vice-President and Chief Financial Officer, [phone], [email protected]