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The transaction further grows AGF Capital Partners’ alternatives business with the addition of absolute return-focused strategies and specialized credit investments
TORONTO, Feb. 12, 2024 (GLOBE NEWSWIRE) — AGF Management Limited (“AGF”) today announced that it has made a strategic investment in New Holland Capital, LLC (“NHC”, “New Holland” or the “Firm”), a New-York based multi-strategy investment manager with more than US$5 billion in assets under management and more than 17 years of experience providing institutional investors with absolute return investment strategies across the liquidity spectrum. The investment in NHC is a significant step in AGF’s strategy to continue growing AGF Capital Partners*—AGF’s diversified alternatives business with capabilities across both private assets and alternative strategies.
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Under the terms of the arrangement, AGF will make an initial strategic investment in the form of a note convertible into a 24.99% economic interest in NHC. The arrangement also provides AGF with the option to subsequently increase its ownership stake.
“We look forward to partnering with New Holland as we continue to build and grow our alternatives business,” said Ash Lawrence, Head of AGF Capital Partners. “The addition of New Holland and its expertise in absolute return-focused investments diversifies AGF Capital Partners’ alternatives capabilities and avenues for growth.”
NHC’s flagship Tactical Alpha multi-PM investment strategy focuses on identifying alpha-generating opportunities in both fundamental and quantitative strategies in liquid markets. The Firm seeks to balance market diversification and capital preservation through absolute return-focused investments. NHC also manages a Special Opportunities strategy that invests in non-correlated niche credit opportunities, including specialty finance and real assets infrastructure. Additionally, the Firm partners with institutional investors to deliver customized absolute return investment solutions.
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“We believe that AGF Capital Partners is the ideal partner to accelerate our long-term growth,” said Scott Radke, New Holland Capital’s Chief Executive Officer. “With the support of their strong platform and broad distribution channels, we can continue to deliver attractive risk-adjusted returns to our clients to help meet their unique portfolio objectives and execute on our strategic business plan. This investment is an exciting and important step forward for our business and clients in the evolution of New Holland.”
NHC will retain operational independence and the Firm’s existing leadership team, led by Scott Radke, Chief Executive Officer, and a group of nine additional partners, will continue to manage the day-to-day investment and business operations in their current roles. Ash Lawrence and the broader AGF team will provide strategic support to NHC, including arrangements to facilitate near-term joint global distribution efforts for their investment strategies and access to AGF’s quantitative investing and data analytics expertise.
“This investment, on the heels of our recent announcement regarding the proposed acquisition of a majority stake in Kensington Capital Partners Limited, supports AGF‘s strategic vision to build a diversified alternatives business that provides a range of innovative solutions that meet the unique needs of financial advisors and their investors, family offices and institutions,” added Lawrence.
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The growth of AGF’s alternatives business will further expand the firm’s investment capabilities and increase management and performance fee revenues, all of which are expected to contribute to earnings growth.
Massumi + Consoli served as legal counsel to AGF. CBRE / Sera Global served as exclusive financial advisor and Simpson Thacher & Bartlett served as legal counsel to NHC in this transaction.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
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Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $43 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
About AGF Capital Partners
AGF Capital Partnersis AGF’s diversified alternatives business with extensive capabilities across both private assets and alternative strategies. Clients benefit from specialized investment expertise combined with the organizational support and breadth of resources of AGF Management Limited. AGF Capital Partners is continually looking to diversify and expand the business’ capabilities and alternatives offerings to meet clients’ evolving needs.
*Formerly known as AGF Private Capital
About New Holland Capital, LLC
New Holland Capital, LLC is an alternative investment manager that manages over $5B in absolute return strategies for institutional clients. The firm seeks to generate alpha across a wide set of diversifying strategies, with a preference for niche, capacity constrained opportunities often with emerging portfolio managers. For more information visit https://newhollandcapital.com/.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
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