Canadian asset manager AGF Management has closed the acquisition of 100% of FFCM, a US-based asset manager and ETF adviser.
FFCM offers a range of factor-based alternative and smart-beta ETFs as well as ETF managed solutions.
AGF purchased majority of the equity of FFCM in November 2015. Terms of the transaction were not disclosed.
The acquisition of FFCM led to the launch of a quantitative investment platform called AGFiQ Asset Management. The AGFiQ team comprises investment professionals from AGF, FFCM, and AGF’s majority-owned subsidiary Highstreet Asset Management.
Since its inception in 2017, AGFiQ offered nine ETFs for the Canadian marketplace and secured over $400m in institutional funding for its custom solution in the US.
AGF executive vice-president and COO Judy Goldring said: “Today, we further build on our strategic plan to diversify across the investment spectrum. Through organic growth and acquisition we have been able to launch new platforms and develop innovative products.”
FFCM CEO Bill Carey added: “Partnering with AGF has allowed us to grow our research, marketing and product development capabilities, while also bringing us operational scale and efficiencies.”