AGF Management Limited (AGF) Update on Proposed U.K. Transaction

TORONTO, Jan. 20, 2020 (GLOBE NEWSWIRE) -- AGF Management Limited (TSX:AGF.B) announced today that the Financial Conduct Authority (FCA) informed Tilney Group that the proposed transaction structure for the previously announced merger of Smith & Williamson and Tilney Group has not met with its approval.

The combined management and boards of Smith & Williamson and Tilney Group remain committed to the merger. Discussions with the FCA are ongoing to determine the required steps forward.

All parties remain fully committed to the merger and continue to believe very strongly in the underlying strategic rationale of bringing the respective businesses together. It is anticipated that the completion of the transaction, which remains subject to regulatory approval, may be delayed.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF's suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With nearly $39 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

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