AGF Management acquired the majority ownership stake in exchange-traded fund manager FFCM, spokeswoman Pamela Marchant said.
Terms of the deal were not disclosed. The management team at FFCM will remain in place. No additions or reductions in staff are expected to be made.
Blake C. Goldring, chairman and CEO of AGF Management, said in a news release announcing the deal that the “acquisition strengthens our core competency in developing and managing quantitative solutions.”
FFCM CEO Bill Carey added in the news release: “Partnering with AGF will allow us to grow our research, marketing and product development capabilities.” Mr. Carey also noted that the deal will bring the firm’s ETF business to the Canadian marketplace.
Toronto-based AGF Management has C$33 billion ($24.78 billion) in assets under management. Boston-based FFCM has about $976 million in AUM.