A message from our CEO and CIO

 

March 19, 2020

This has been an incredibly difficult few weeks as the COVID-19 situation continues to escalate and spread globally. Things are evolving quickly, and the impacts can be felt deeply on both personal and professional levels.

In response to the virus spread and the immediate impact to the economy, global markets continue to exhibit unprecedented turmoil and indiscriminate selling. Considerable wealth has been eroded in a very short period of time. This has been painful for investors and it will take time to rebuild.

While we can not predict precisely when markets will turn consistently back to positive, history has shown us that ultimately, they will. A concerted effort on the part of central banks and governments across the globe is already underway to stabilize our financial footing. For example, China’s early and drastic response to the virus and subsequent fiscal stimulus measures provided confidence for investors to return to the equity market. As such, China has been one of the best-performing countries this year and also since the start of the downturn.

Those investors who are able to weather the storm and stay the course will recover with time.

In the meantime, it is no longer business as usual and likely will not be for some time. We know that you depend on us for our disciplined approach to delivering excellence in investment management regardless of the unknowns. We want to assure you that we are working hard in this context to offer the best possible stewardship of the investments you have entrusted to our care. We are frequently stress testing all of our investment portfolios to effectively control for our liquidity management needs across our suite of investment solutions. We know that we can’t allow volatility to hinder our success and we remain focused on our investment objectives and delivering the results our investors seek.

We also want to assure you we remain confident that we are taking the necessary measures to safeguard and support our employees, their families, our clients and communities. Our people remain our greatest strength and top priority and we will continue to take aggressive actions and err on the side of caution related to preparedness.

With no interruption to our business operations, the vast majority of our employees have now transitioned to working remotely, with remaining critical functions split across primary and secondary locations. Our people and our technology have successfully adapted to this new way of working without disruption. To read more about the specific steps taken and protocols in place, please read AGF’s most recent Preparedness statement here.

I admire the work ethic and the resilience of our employees and all they are doing daily to continue to shepherd our business through these difficult times and market conditions.

All of us will face unknown new challenges over the coming days and weeks but we know our clients and partners depend on us more than ever during unpredictable times.

Thank you for your ongoing support. We will continue to carefully monitor developments both at home and abroad. Should the need arise, we will be quick to update you further.

Sincerely,

Kevin McCreadie signature

 

Kevin McCreadie
Chief Executive Officer and Chief Investment Officer
AGF Management Limited

 

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