While the integration of Global Strategy will continue in stages through 2001, we quickly accomplished key tasks to retain assets and increase cash flow.
We reached an important milestone in January 2001, when our Information Services and Administrative Services teams completed the critical task of data integration between Global Strategy and AGF — all within an unprecedented two-month time frame. As a result, we are now able to offer clients the benefits of full transferability between the two families of funds and an expanded range of top-performing funds.
The acquisition of Magna Vista Capital Management Inc., a Montreal-based, high-net-worth investment management company, brought AGF an additional $1.6 billion in assets under management and gave new force to our mission to serve investors at all points in their lives along the wealth continuum. It also strengthens our growing business at AGF Private Investment Management and gives us an important new profile in the Quebec market.
Expanded Global Presence
With our total assets under management now exceeding $34 billion, AGF has the scale to establish a solid foundation in Canada and ensure the resources necessary to export our money management expertise into global markets.
During 2000, we took further steps to expand our global presence. We opened a branch office in Tokyo — the first Canadian mutual fund company to do so —
and a representative office in Beijing. AGF also launched a reciprocal partnership with Sumitomo Life Insurance Co. to advise, manage and market specialized investment products.
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