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Mutual Fund News


AGF Management Ltd. AGF.B-T has the Street buzzing about what may be afoot after the mutual fund company cancelled its analyst and investor day on short notice, pleading "pending organizational changes."

The leading scenarios, analysts say, are executive changes at the head of the fund unit or the company's trust unit, or some way of getting rid of the trust unit, which has become a millstone dragging down AGF shares.

The issue with AGF trust is that it lent out a lot of money to buy AGF funds, and in this current market there's deep concern that many of those loans will go sour. So far so good for AGF, but the market doesn't believe it can last. That's why the stock has slumped by more than half in recent months and now languishes below $9 a share.

© 2007 The Globe and Mail. All rights reserved.

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