Poor Performance and Fee and Margin Compression Affecting AGF Management's 2019 Results
We've lowered our fair value estimate for no-moat-rated AGF Management to CAD 5.80 per share from CAD 6.50 to reflect greater fee and margin compression than we'd expected to see this early in our five-year forecast. The company closed out April with CAD 39.7 billion in managed assets, up 7.0% year over year. Estimated mutual fund inflows of CAD 16 million over the past four quarters is indicative of 0.1% organic growth, slightly better than our forecast of flat to negative low-single-digit orga...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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