Ambrosie leaves AGF, firm refocuses

AGF Management Limited has announced the departure of Randy Ambrosie as president of AGF Funds. The company is restructuring to focus on the its investment management business, merging its mutual fund and institutional/private client operations under the name AGF Investments.

“We are deeply appreciative of the strategic and instrumental role Randy has played in our retail business,” said Blake C. Goldring, chairman and CEO, AGF Management. “His success in leading and building teams leaves a rich foundation of strong relationships, an award-winning product shelf and a culture of excellence that we will leverage into the future.”

The new AGF Investments division is now the company’s “core focus,” according to a press release. It will be led by Goldring himself, with head of national advisor sales Rose Cammareri promoted to executive vice-president.

The restructuring comes on the heels of a strategic review of the company’s structure, started in late 2008.

“Our core business is investment management and we felt that we needed a streamlined structure that appropriately reflects our commitment to clients and excellence in money management,” says Goldring. “We have always maintained a strong investment focus and this new structure enables us to tailor our approach to the distinct needs of our different clients while leveraging the synergies that can be achieved through an integrated investment management firm.”

General counsel Judy Goldring is also promoted to executive vice-president and assumes the role of chief operating officer. AGF Trust continues to be led by Mario Causarano.

“The Trust business complements our core investment management business and is a profitable contributor to the firm,” said Blake Goldring. “We are confident in the current structure within this business line and like other areas, we will continue to look for ways to deliver services to our clients most effectively and efficiently.”

He added that there have been “a couple of other departures” associated with the restructuring, but that Ambrosie was the only executive-level departure.

Ambrosie is proud of the work he did for AGF, but says the time was right for him to move onto other pursuits.

“I just felt like my work was done,” he said in an interview with Advisor.ca.

“When I got to AGF five years ago, it was a firm that needed a lot of work. It needed more of a client focus and that is what I was passionate about. Client relations are critical for all business. I had a lot of autonomy from Blake to make changes that I felt needed to be made. And 2007 was the most successful in the firm’s history,” Ambrosie notes.

He praises the Blake and Judy Goldring’s leadership and calls Cammareri an “unbelievable leader who won’t allow AGF to lose its focus on advisors.”

What’s next for Ambrosie? “I don’t have any specific plans right now,” he says. “All I know is I’m not done [in this industry].” Stay tuned.

(04/27/09)