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AGF Eyes Rich Investors to Counter Mutual Fund Slump

  • Retail money’s ‘very fleeting,’ CEO Goldring says in interview
  • Looks to create second, C$1.5 billion infrastructure fund
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AGF Management Ltd., which turns 60 on Tuesday, is looking at acquisitions in the high-net-worth space and is planning a second infrastructure fund as it seeks to lessen reliance on its traditional mutual fund business.

"One thing that always bothered me with the retail side is the money’s very fleeting," Chief Executive Officer Blake Goldring, the 58-year-old son of AGF’s founder, said in an interview at Bloomberg’s Toronto office on Monday. "It can come in and it can go out, and we’ve experienced both sides of that coin. On the high-net-worth side, you have those client relationships that are more enduring."