Fee and Margin Compression Impact Leave AGF Management Poorly Positioned for Fiscal 2019
There was little in no-moat-rated AGF Management's fiscal fourth-quarter results that would alter our long-term view of the firm, but we still expect to lower our fair value estimate slightly to reflect greater fee and margin compression than we have been forecasting. Total assets under management increased 1.1% from the year-ago period, leaving AGF with CAD 37.7 billion in managed assets at the end of November 2018. Mutual fund net inflows of CAD 111 million were a return to positive flows for ...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.
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.
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