In an effort to expand its presence in Japan, Toronto fund complex AGF Management Limited said today that it will acquire a minority stake in a Japanese brokerage firm called Maruhachi Securities.

The deal comes after AGF, which oversees more than $33 billion Canadian in assets, launched five offshore funds in June that were initially available only in Japan. Those products, known as the Goldring Group of Funds, are managed by AGF. Last year the firm became the first Canadian fund complex to open a branch office in Japan.

The acquisition is intended to leverage well-established relationships within the Japanese financial business, said Blake Goldring, who heads AFG. The firm will likely acquire stakes in similar firms in the near future, he said.

Based in Nagoya, Maruhachi has $2.5 billion Canadian in assets under management with 60,000 clients and 14 branches throughout Japan.

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