Toronto-based AGF Management (AGF) has purchased majority of the equity of FFCM, a Boston-based ETF advisor and asset management firm.
FFCM, headed by CEO Bill Carey, creates structures and manages ETFs. Financial terms of the acquisition have not been disclosed.
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AGF chairman & CEO Blake Goldring said the acquisition will strengthen the firm’s core competency in developing and managing quantitative solutions.
"This reinforces AGF’s commitment to offering innovative solutions that focus on risk mitigation, while offering active market participation," he added.
AGF said that FFCM currently acts as a co-portfolio advisor of AGF US Sector Class, which is a fund designed to participate in rising markets while placing an emphasis on minimizing drawdown and preserving capital during market declines.
Carey said: "Partnering with AGF will allow us to grow our research, marketing and product development capabilities. We are excited about bringing our ETF expertise and dynamic platform to the Canadian marketplace."
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By GlobalDataAGF Investments president and chief investment officer Kevin McCreadie said that this acquisition will allow the firm to grow its US distribution capabilities.
"The addition of the team at FFCM provides AGF with a solid platform from which to develop investment solutions designed to manage volatility and deliver more consistent, repeatable results," McCreadie added.
