Press Releases

AGF Management Limited Reports Fourth Quarter and Fiscal Year 2017 Financial Results

January 23, 2018 • Quarterly Reports/Dividends
  • 54% of AUM performed above median over one year and 62% of AUM performed above median over three years ended November 30, 2017
  • Total assets under management increased to $37.3 billion
  • Retail fund gross sales improved by 19.4% compared to prior year
  • Adjusted diluted EPS from continuing operations at $0.53 for the year

AGF Management Limited (AGF or the Company) today announced financial results for the fourth quarter and fiscal year ended November 30, 2017.

Total assets under management (AUM) increased 9.1% to end the year at $37.3 billion. Market growth combined with a gross sales increase of 19.4% in our retail funds contributed to the year-over-year improvement.

During the year ended November 30, 2017, retail fund net redemptions improved to $0.4 billion compared to net redemptions of $1.1 billion for the year ended November 30, 2016, reflecting the Company’s continued focus on investment performance and customer service excellence.

“With an aggressive agenda in place for 2017, we continued to make progress in the retail space, delivered improved investment performance, added strength to our global equity platform, relaunched our brand and pursued opportunities to realize the true value of our investment in Smith & Williamson,” said Blake Goldring, Chairman and Chief Executive Officer, AGF Management Limited.

Income from continuing operations for the three months and year ended November 30, 2017 increased to $120.9 million and $455.5 million compared to $104.8 million and $428.7 million for the three months and year ended November 30, 2016. The year-over-year increases include a favourable $10.0 million one-time litigation settlement that occurred during the fourth quarter ended November 30, 2017. EBITDA from continuing operations increased to $33.1 million and $116.4 million for the three months and year ended November 30, 2017, compared to $30.7 million and $109.5 million for the same periods in 2016.

“With a focus on the long-term, we remain committed to diversifying our business, while supporting our growth platforms,” added Goldring. “Over the last year, we successfully grew our private client, institutional and alternatives businesses, while launching ETFs, growing our factor-based capabilities and introducing ’40 Act Funds to the U.S. market.”

On November 15, 2017, AGF launched its first two new global equity funds into the U.S. market under the Investment Company Act of 1940, continuing to provide U.S. institutional clients with strong performing global strategies that are in demand with U.S. institutional investors.

AGF set a long-term target to consistently have 50% of ranked AUM above median over one year and 60% above median over three years back in 2014. As of the Company’s fiscal year-end 2017, 54% of AUM performed above median over one year and 62% of AUM was above median over three years. 

“Over the past three years, we have implemented disciplined processes and realigned resources to achieve our long-term investment performance targets,” said Kevin McCreadie, President and Chief Investment Officer, AGF Investments Inc. “Our focus remains on consistently achieving this target and delivering the repeatable results that our clients expect of us.”

Diluted earnings per share (EPS) from continuing operations for the three months and year ended November 30, 2017 was $0.21 and $0.64 compared to $0.18 and $0.53 for the comparative period. Adjusted diluted EPS from continuing operations for the three months and year ended November 30, 2017 was $0.11 and $0.53 compared to $0.13 and $0.52 for the comparative period.

For the three months ended November 30, 2017, AGF declared an eight cent per share dividend on Class A Voting common shares and Class B Non-Voting shares, payable January 16, 2018 to shareholders on record as at January 8, 2018.

(from continuing operations) Three months ended Years ended
(in millions of Canadian dollars, except per share data) November 30, 2017 August 31, 2017 November 30, 2016 November 30, 2017 November 30, 2016
Income 120.9 110.3 104.8 455.5 428.7
Net Income attributable to equity owners of the Company 17.3 12.3 14.6 52.1 42.5
EBITDA 1 33.1 28.6 30.7 116.4 109.5
Adjusted EBITDA 1 23.1 28.6 25.5 106.4 107.9
Diluted earnings per share attributable to equity owners of the Company 0.21 0.15 0.18 0.64 0.53
Adjusted diluted earnings per share attributable to equity owners of the Company 1 0.11 0.15 0.13 0.53 0.52
Free Cash Flow 1 21.6 16.4 21.2 58.7 61.5
Dividends per share 0.08 0.08 0.08 0.32 0.32
Long-term debt 138.6 148.5 188.2 138.6 188.2

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

(end of period) Three months ended Years ended
(in millions of Canadian dollars) November 30, 2017 August 31, 2017 November 30,2016 November 30, 2017 November 30, 2016
Retail fund Assets Under Management (AUM)
(including retail pooled funds)
19,111 18,165 17,774 19,111 17,774
Institutional, sub-advisory and ETF accounts AUM 11,782 10,665 10,810 11,782 10,810
Private client AUM 5,517 5,221 4,908 5,517 4,908
Alternative asset management platform AUM 1 902 902 685 902 685
Total AUM, including alternative asset management platform 37,312 34,953 34,177 37,312 34,177
Net retail redemptions 139 40 214 405 1,111
Average daily retail fund AUM 18,220 18,239 17,756 18,228 17,535


1 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 $86.1 million has been funded as at November 30, 2017, which includes $10.1 million return of capital related to the monetization of its seed assets.

  • Management’s Discussion and Analysis of Financial Condition and Results of Operations - For the years ended November 30, 2017 and 2016

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 #: 46259002).

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 brings a disciplined approach to 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 nearly $37 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, Corporate Development & Investor Relations

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 2017 Annual MD&A.


Media Contact

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

Karrie Van Belle
Chief Marketing & Innovation Officer
Phone: 416-865-4320

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