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Blake Goldring just has to look out the window to see the future of AGF Management Ltd.

The chief executive's office in a downtown tower overlooks Billy Bishop Toronto City Airport, an infrastructure project AGF acquired two years ago as part of a strategy to diversify from roots in mutual funds. Pointing out a plane taking off from a busy runway, Mr. Goldring joked: "I like to keep a close eye on our assets," as he detailed new ventures and the improving fortunes of its fund business just ahead of a celebration Tuesday of AGF's 60th anniversary.

For much of its history, AGF was one of many successful employee-run firms. But in the past two decades, the mutual-fund industry consolidated around a handful of the largest players, such as banks. AGF held out as an independent. It hasn't been an easy run. Following the 2008 financial crisis, AGF stock price went on a prolonged slide, reflecting increasing competition and shrinking profit margins, along with lack-luster fund performance. Story

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OSC considers reducing red tape for investment funds

The Ontario Securities Commission (OSC) is planning to streamline disclosure requirements around investment funds – something the regulator says will help reduce the regulatory burden for companies, and allow investors to make better investment decisions.

The OSC says it plans to nail down its specific proposals for funds by the end of the year, and have a paper out for public comment for industry players by the end of the first quarter of next year. New disclosure rules may take effect as early as the end of 2018.

Reducing regulatory red tape is a priority for the OSC this year. Story

Bank of Montreal to offer mortgage-backed securities

Bank of Montreal is bundling nearly $2-billion of prime Canadian mortgages into securities, in a first-of-its-kind deal as the government looks to reduce support for the fast-growing housing sector.

The bonds are backed by prime residential mortgages that are not insured by the government. Canadian banks have historically packaged federally guaranteed loans into bonds, but last year the country tightened access to taxpayer-backed mortgage backing, in an effort to help tamp down rapid home-price growth in areas such as Toronto and Vancouver. The mortgage-backed securities offering is the first from a major Canadian bank to bundle uninsured prime mortgages. Story

DAILY DEALS

Onex Corp.-backed Emerald Expositions Events Inc. is seeking to raise as much as $310-million in its initial public offering, according to a regulatory filing Monday. Story

Toshiba Corp.'s plans to sell its memory-chip business to raise much-needed cash hit a snag as joint-venture partner Western Digital Corp. said the sale may violate the companies' contract. Story

China's Ant Financial has sweetened its bid for MoneyGram International Inc by over a third, beating a rival offer to gain approval from the U.S. electronic payment firm's board, although it still faces regulatory hurdles. Story

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