Press Releases


September 27, 2017 • Quarterly Reports/Dividends
  • 50% growth in retail fund gross sales compared to prior year quarter
  • Reported Diluted EPS of $0.15 compared to $0.10 in Q3 2016
  • Retail fund net redemption improved by 87%

AGF Management Limited (AGF or the Company) today announced financial results for the third quarter ended August 31, 2017.

Total assets under management (AUM) increased 2.3% to $35.0 billion compared to $34.2 billion for the same period in 2016. The increase in AUM is due to improved net redemptions and market appreciation.

During the three months ended August 31, 2017, retail fund net redemptions improved 86.8% to $40.0 million compared to net redemptions of $303.0 million for the three months ended August 31, 2016, reflecting the Company’s continued focus on investment performance and customer service excellence.  

“With approximately 60% of our total AUM invested in foreign securities, we continue to focus on diversifying our business both globally and into our newly established platforms,” said Blake Goldring, Chairman and Chief Executive Officer, AGF Management Limited. “With our strategy in place, we have the teams and capabilities to extend and deepen our reach into markets outside of Canada.”

Income from continuing operations for the three months ended August 31, 2017 increased 0.8% to $110.3 million compared to $109.4 million for the three months ended August 31, 2016. EBITDA from continuing operations increased 13.0% to $28.6 million for the three months ended August 31, 2017, compared to $25.3 million for the same period in 2016.

“The key to consistent investment performance is having the right people in place to support research analysis, idea sharing and accountability to lead to more thoughtful investment decisions,” said Kevin McCreadie, President and Chief Investment Officer, AGF Investment Inc. “By bringing discipline and stability to our investment processes, we are delivering repeatable results across our investment platforms.”

AGF deepened the bench of its Global Equity platform this quarter expanding to 14 people including Regina Chi, who was appointed to the position of Vice-President and lead portfolio manager* on AGF’s emerging markets strategies. She joins the global equity team reporting to Stephen Way, one of the longest tenured Global Equity managers in Canada.

 “The expansion of the global equity team gives us an advantage as the appetite for assets in this space continues to grow,” added McCreadie.

In addition to hires on the global equity team, AGF built out its institutional footprint and alternatives business this quarter. Robert Mann was recently appointed to the position of Vice-President, Institutional Sales, while InstarAGF welcomed Jonathan Stone as Partner, Will Chow as Vice-President and Daniel Perruzza as Vice-President. These senior investment professionals bring strong pedigrees and track records across their respective roles.

Diluted earnings per share (EPS) from continuing operations for the three months ended August 31, 2017 was $0.15, compared to $0.10 for the comparative period.

For the three months ended August 31, 2017, AGF declared an eight cent per share dividend on Class A Voting common shares and Class B Non-Voting shares, payable October 18, 2017 to shareholders on record as at October 10, 2017. 

*subject to regulatory approval

(from continuing operations) Three months ended Nine months ended
(in millions of Canadian dollars, except per share data) August 31, 2017 May 31, 2017 August 31, 2016 August 31, 2017 August 31, 2016
Income 110.3 117.1 109.4 334.6 323.8
Net Income attributable to equity owners of the Company 12.3 13.2 8.2 34.7 27.9
EBITDA 1 28.6 29.2 25.3 83.4 78.8
Adjusted EBITDA 1 28.6 29.2 27.4 83.4 82.4
Diluted earnings per share attributable to equity owners of the Company 0.15 0.16 0.10 0.43 0.35
Adjusted diluted earnings per share attributable to equity owners of the Company 1 0.15 0.16 0.13 0.43 0.39
Free Cash Flow 1 16.4 10.4 12.9 37.2 40.3
Dividends per share 0.08 0.08 0.08 0.24 0.24
Long-term debt 148.5 168.4 228.0 148.5 228.0

1EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EBITDA, adjusted diluted earnings per share 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 Management’s Discussion and Analysis available at

Three months ended
(in millions of Canadian dollars) August 31, 2017 May 31, 2017 February 28, 2017 November 30, 20161 August 31, 2016
Retail fund Assets Under Management (AUM)
(including retail pooled funds)
18,165 18,884 18,299 17,774 17,811
Institutional, sub-advisory and ETF accounts AUM 10,665 11,336 10,960 10,810 11,033
Private client AUM 5,221 5,323 5,143 4,908 4,784
Alternative asset management platform AUM 2 902 902 712 685 619
Total AUM, including alternative asset management platform 34,953 36,445 35,114 34,177 34,247
Net retail redemptions 40 107 119 214 303
Average daily retail fund AUM 18,336 18,647 17,925 17,756 17,682

1 Net retail redemptions includes a $149.4 million transfer of an existing client from institutional to retail.
2 Represents fee-earning committed and/or invested capital from AGF and external investors held through joint ventures. AGF’s portion of this commitment is $150.0 million, of which $77.1 million has been funded as at August 31, 2017, which includes $10.1 million return of capital related to the monetization of its seed assets.

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 AGF’s website at or at Alternatively, the call can be accessed toll-free in North America by dialing 1-800-708-4540 (Passcode #: 45614252).

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 a diversified global asset management firm with retail, institutional, alternative and high-net-worth businesses. As an independent firm, AGF strives to help investors succeed by delivering excellence in investment management and providing an exceptional client experience. AGF’s suite of diverse investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With approximately $35 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

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

Adrian Basaraba
Senior Vice-President and Chief Financial Officer

Paul Francis
Director, Finance


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, 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 2016 Annual MD&A.


Media Contact

Amanda Marchment
Director, Corporate Communications
Phone: 416-865-4160

Karrie Van Belle
SVP, Head of Marketing and Communications
Phone: 416-865-4320

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