AGF Management Limited Reports Preliminary Highlights to Fourth Quarter Net Sales and Financial Results

TORONTO, Dec. 10, 2020 (GLOBE NEWSWIRE) -- AGF Management Limited (AGF or the Company) (TSX:AGF.B) today announced preliminary unaudited highlights for the fourth quarter ended November 30, 2020. All figures in this release are approximate due to the preliminary nature of the announcement.

AGF recorded retail mutual fund net sales for the month ended November 30, 2020 of $82 million. AGF has continued to record net sales into December, with retail net sales of $15 million as at December 9, 2020.

For the quarter ended November 30, 2020, AGF’s retail mutual fund net sales were $66 million, compared to net redemptions of $181 million in Q4 2019. Retail mutual fund gross sales improved 35% year-over-year.

AGF estimates after tax earnings from its private alternatives business will increase from $0.01 per share in Q3 2020 to approximately $0.07 per share in Q4 2020. The increase relates primarily to higher LP investment returns and related carried interest income.

Selling, general & administrative expenses (SG&A) is expected to be within guidance of $175 million for the year.

“2020 has been a difficult year and despite the challenges, we have continued to work in the interest of our stakeholders,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “We continue to execute on a client-oriented plan across all global client channels, including retail, and in private alternatives.”

AGF will release its complete financial results for Q4 2020 on Wednesday, January 27, 2021 at approximately 8:00 a.m. ET.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, private alternatives and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of 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 over $38 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

416-865-4203,   

Baoqin Guo

Vice-President, Finance

416-865-4228,

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about certain of the Company’s expected financial performance and business operations. 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 (such as COVID-19), 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 2019 Annual MD&A.