NAvegue pelos canais

Releases Geral

AGF Management Limited Reports First Quarter 2024 Financial Results

AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 4 de abril de 2024

AGF Management Ltd.

TORONTO, April 04, 2024 (GLOBE NEWSWIRE) —

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the first quarter ended February 29, 2024.

AGF reported total assets under management and fee-earning assets1 of $45.0 billion compared to $42.2 billion as at November 30, 2023 and $41.9 billion as at February 28, 2023.

Our solid results this quarter reflect our long-term efforts to diversify our business, said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. This quarter we made further progress with notable strategic investments laying the foundation for continued long-term growth, including the growth of AGF Capital Partners, our diversified alternatives business. 

AGFs mutual fund gross sales were $914 million for the quarter compared to $687 million in the previous quarter and $982 million in the prior year quarter. Mutual fund net redemptions were $125 million compared to net redemption of $224 million in the previous quarter and net sales of $221 million in the prior year quarter.

While the challenging market environment has weighed on industry and AGF flows, net flows improved during the quarter due to seasonality. We continue to take a long-term approach to increasing our penetration in high growth distribution channels by diversifying our capabilities and offerings. said Judy Goldring, President and Head of Global Distribution, AGF.

_________________________
1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

Key Business Highlights:

Financial Highlights:

                   
                   
  Three months ended
    February 29,     November 30,     February 28,  
(in millions of Canadian dollars, except per share data)   2024     2023     2023  
                   
Revenues                  
Management, advisory and administration fees $ 108.6   $ 104.2   $ 106.8  
Trailing commissions and investment advisory fees   (33.7)     (32.2)     (33.8)  
Net management, advisory and administration fees1 $ 74.9   $ 72.0   $ 73.0  
Deferred sales charges   2.0     1.9     1.8  
Revenue from AGF Capital Partners1   24.4     3.9     4.0  
Other revenue1   1.7     0.5     1.3  
Total net revenue1   103.0     78.3     80.1  
                   
Selling, general and administrative   57.9     52.9     53.0  
Adjusted selling, general and administrative1   53.5     50.7     52.8  
                   
EBITDA1   45.1     25.4     27.1  
Adjusted EBITDA1   49.5     27.6     27.3  
                   
Net income   30.5     16.8     17.6  
Adjusted net income   33.7     18.5     17.8  
                   
Diluted earnings per share   0.46     0.25     0.26  
Adjusted diluted earnings per share   0.51     0.28     0.27  
                   
Free cash flow1   17.2     18.3     19.3  
                   
Dividends per share   0.11     0.11     0.10  
                   

                   
(end of period) Three months ended
    February 29,     November 30,     February 28,  
(in millions of Canadian dollars)   2024     2023     2023  
                   
Mutual fund assets under management (AUM)2 $ 26,186   $ 24,459   $ 24,029  
ETFs and SMA AUM   1,676     1,465     1,394  
Segregated accounts and sub-advisory AUM   7,162     6,774     7,045  
Total AGF Investments AUM   35,024     32,698     32,468  
AGF Private Wealth AUM   7,836     7,341     7,324  
AGF Capital Partners AUM   48     46     54  
Total AUM $ 42,908   $ 40,085   $ 39,846  
AGF Capital Partners fee-earning assets3   2,104     2,095     2,082  
Total AUM and fee-earning assets3 $ 45,012   $ 42,180   $ 41,928  
                   
Net mutual fund sales (redemptions)2   (125)     (224)     221  
Average daily mutual fund AUM2   25,197     23,840     23,782  

1 Net management, advisory and administration fees, revenue from AGF Capital Partners, other revenue, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Managements Discussion and Analysis available at www.agf.com.
2 Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
3 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
   

For further information and detailed financial statements for the first quarter ended February 29, 2024, including Managements Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGFs website at www.agf.com under About AGF and Investor Relations and at www.sedarplus.com.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGFs website at www.agf.com or at https://edge.media-server.com/mmc/p/avwkx8wd/. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGFs website at www.agf.com, to receive the dial-in numbers and unique PIN.

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

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 firms 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.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $49 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 Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs. AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

AGF Management Limited shareholders, analysts and media, please contact:

Ken Tsang
Chief Financial Officer
416-865-4338, InvestorRelations@agf.com

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as expects, estimates, anticipates, intends, plans, believes or negative versions thereof and similar expressions, or future or conditional verbs such as may, will, should, would and could. In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the Risk Factors and Management of Risk section of the 2023 Annual MD&A.

FundGrade A+® Awards:

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the best of the best among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from A to E receives a score from 4 to 0, respectively. A funds average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

AGF American Growth Class won in the U.S. Equity CIFSC Category, out of 794 funds. The FundGrade A+ start date was 1/31/2014 and the FundGrade A+ end date was 12/31/2023.

AGF American Growth Fund won in the U.S. Equity CIFSC Category, out of 794 funds. The FundGrade A+ start date was 1/31/2014 and the FundGrade A+ end date was 12/31/2023.

AGF Fixed Income Plus Fund won in the Canadian Fixed Income CIFSC Category, out of 311 funds. The FundGrade A+ start date was 1/31/2014 and the FundGrade A+ end date was 12/31/2023.

AGF Global Convertible Bond Fund won in the High Yield Fixed Income CIFSC Category, out of 161 funds. The FundGrade A+ start date was 1/31/2016 and the FundGrade A+ end date was 12/31/2023.

AGF Global Select Fund won in the Global Equity CIFSC Category, out of 1095 funds. The FundGrade A+ start date was 1/31/2014 and the FundGrade A+ end date was 12/31/2023.



Primary Logo

A OESP nao e(sao) responsavel(is) por erros, incorrecoes, atrasos ou quaisquer decisoes tomadas por seus clientes com base nos Conteudos ora disponibilizados, bem como tais Conteudos nao representam a opiniao da OESP e sao de inteira responsabilidade da GlobeNewswire

Encontrou algum erro? Entre em contato

Compartilhe