This year, we completed two key transactions through Unisen Inc., our administrative and technology services subsidiary to the investment fund industry. In January, 2002, we acquired the Toronto-Dominion Bank's record-keeping and fund valuation business and in September, we purchased Jewelstone Systems Inc., the gold standard and leading supplier of software to the industry.

These are strategic moves that will drive the inevitable trend towards outsourcing administrative functions in this industry. We believe these acquisitions give Unisen the strength and scale to become the preeminent administrative services supplier to the investment fund industry.

We also made good on our commitment to revitalize and grow AGF Trust Company. This dynamic subsidiary has generated tremendous asset growth starting with an innovative RSP loan program launched in 2002, which attracted $148.9 million in its first year. An investment loan program, a revamped Web-based RSP loan program and new products will generate further momentum in this subsidiary.

In the global arena, AGF delivered on a strategy to grow our presence in the U.K. The success of our initial investment in NCL (Securities) Limited in 1998 led us to take a 30-per-cent stake in the enlarged company created this year by the merger of NCL and Smith & Williamson, now one of the largest independent, integrated private client financial services firms in the U.K.

This is an exciting development that allows us not only to participate in a growing business, but also to generate new revenue through our expertise ranging from back-office services to investment management.

We also continue to develop a higher profile in the Asian market. Our relationship with Maruhachi Securities Co., a brokerage firm based in Nagoya, Japan, and an associated company of Nomura Securities, Ltd., has helped leverage our presence and potential in the Japanese market.

Along with our activities in Singapore and China, we see tremendous prospects in the Asian market over the coming years.