Report
Greggory Warren, CFA
EUR 147.86 For Business Accounts Only

AGF Management's Expanded Its AUM During 3Q; Maintaining Our CAD 5.50 per Share FVE

There was little in narrow-moat-rated AGF Management's fiscal third-quarter results that would alter our long-term view of the firm. We've left our CAD 5.50 per share fair value estimate in place.
Total assets under management increased 2.7% from the year-ago period, leaving AGF with CAD 34.2 billion in managed assets at the end of August 2016. While the firm remains in net redemption mode, posting about CAD 300 million in outflows from its retail fund operations during the third quarter, the tr...
Underlying
A.G.F. Management Ltd. Cl B NV

AGF Management is an integrated, global wealth management corporation whose principal subsidiaries provide investment management for mutual funds, institutions and corporations, as well as high-net-worth clients; and trust products and services (including real estate secured loans and investment loans and Guaranteed Investment Certificates). Co. conducts the management and distribution of mutual funds in Canada under the brand names AGF, Elements and Harmony (collectively, AGF Funds). Co. conducts its trust business under the name AGF Trust Company.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Greggory Warren, CFA

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