AGF Management Limited Reports Fourth Quarter And Fiscal Year 2024 Financial Results

• Reported quarterly adjusted diluted earnings per share of $0.45
• Total assets under management and fee-earning assets of $53.6 billion
• Declared quarterly dividend per share of 11.5 cents

TORONTO, Jan. 22, 2025 (GLOBE NEWSWIRE) -- AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the fourth quarter and fiscal year ended November 30, 2024.

AGF reported total assets under management and fee-earning assets1 of $53.6 billion compared to $49.7 billion as at August 31, 2024 and $42.2 billion as at November 30, 2023.

“Throughout 2024, we continued to execute on our multi-year strategy to diversify our business across asset classes and client channels, supporting our ability to grow and thrive through changing market cycles and shifting investor preferences,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “This year saw us make significant progress against our strategic imperatives.”

AGF’s mutual fund gross sales were $993 million for the quarter compared to $1,012 million in the previous quarter and $687 million in the prior year quarter. Mutual fund net sales were $5 million compared to $14 million in the previous quarter and net redemptions of $224 million in the prior year quarter.

“Looking ahead to 2025, our strong balance sheet will allow us to continue investing in key areas of growth to drive returns for our shareholders, including the further buildout of AGF Capital Partners, our multi-boutique alternatives business,” added McCreadie.

1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

Key Business Highlights:

• AGF announced the closing of its strategic investment to acquire a majority interest in Kensington Capital Partners Limited (KCPL), one of Canada’s leading alternative investment firms with $2.6 billion of assets under management, as part of AGF’s strategic imperative to grow its alternatives business, AGF Capital Partners.
• AGF made a strategic investment in New Holland Capital, LLC (NHC), a New York based multi-strategy investment manager with more than US$6 billion in assets under management and more than 17 years of experience providing institutional investors with absolute return investment strategies across the liquidity spectrum. This transaction further grew AGF Capital Partners, AGF’s alternatives business with the addition of absolute return-focused strategies and specialized credit investment capabilities.
• AGF appointed Laura Dottori-Attanasio to the AGF Board of Directors. Ms. Dottori-Attanasio is a renowned business leader with deep expertise in the financial sector and a track record of success across industries. This appointment further enhanced and diversified AGF’s independent directors’ collective experience and expertise.
• AGF Investments Inc. broadened its Canadian ETF offerings with the launch of ETF Series on long-running funds in key areas of focus for investors, including alternative assets and active fixed income. The launch built on AGF Investments Inc’s commitment to provide investors with options to access capabilities in their preferred vehicles.
• AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.

Award Wins

• AGF Investments Inc. was recognized with FundGrade A+® Awards for AGF American Growth Fund/Class, AGF Global Select Fund, AGF Fixed Income Plus Fund and AGF Global Convertible Bond Fund.
• AGF Global Select ADR Constrained Strategy was named the winner in the Global category at the SMArtX 2024 X Awards and AGF U.S. Large Cap Growth Equity Strategy was named a finalist in the Large Cap category.
• AGF SAF Private Credit LP was the winner in the private debt category for best one year return at the 2024 Canadian Hedge Fund Awards.
• AGF Capital Partners Affiliate Manager Kensington was the winner in the private equity category for best five-year return for Kensington Private Equity Fund.
• AGF European Equity Class (Series F) won in the European Equity category at the 2024 LSEG Lipper Fund Awards.

Financial Highlights:

• Adjusted EBITDA2 for the three months and year ended November 30, 2024 was $39.6 million and $166.4 million, compared to $27.6 million and $132.5 million in the prior year comparative period.
• Net management, advisory and administration fees2 were $83.6 million and $318.4 million for the three months and year ended November 30, 2024, compared to $72.0 million and $294.4 million for the comparative prior year period.
• Adjusted revenue from AGF Capital Partners for the three months and year ended November 30, 2024 was $18.2 million and $72.9 million, compared to $3.9 million and $33.3 million for the comparative prior year period. The increase quarter over quarter and year over year were driven by higher fair value adjustments and the consolidation of KCPL financial results. Revenue from AGF Capital Partners can be variable quarter to quarter and can be impacted by fair value adjustments, timing of monetizations and cash distributions as well as performance fees and carried interest.
• Adjusted selling, general and administrative costs2 were $66.2 million and $239.3 million for the three months and year ended November 30, 2024, compared to $50.7 million and $205.6 million for the comparative prior year period. The increase quarter over quarter and year over year were driven by higher performance-based compensation and the market environment, as well as the consolidation of KCPL financial results.
• Adjusted net income attributable to equity owners2 was $29.8 million ($0.45 adjusted diluted EPS) and $111.6 million ($1.67 adjusted diluted EPS) for the three months and year ended November 30, 2024, compared to $18.5 million ($0.28 adjusted diluted EPS) and $90.3 million ($1.34 adjusted diluted EPS) for the comparative prior year period.

2 Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, adjusted net income, 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 www.agf.com.
3 Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
4 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

For further information and detailed financial statements for the fourth quarter and year ended November 30, 2024, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.com.

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 www.agf.com or at https://edge.media-server.com/mmc/p/d4cifa7f. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

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 an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs. AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

About AGF Capital Partners
AGF Capital Partners is AGF’s multi-boutique alternatives business with diverse capabilities across both private assets and alternative strategies. Clients benefit from the specialized investment expertise of Affiliate Managers combined with the organizational support and breadth of resources of AGF Management Limited (AGF). With over 18 years average experience, AGF Capital Partners Affiliate Managers including, Kensington Capital Partners Limited, New Holland Capital, LLC and AGF SAF Private Credit, manage approximately C$13.3 billion* in alternative AUM and fee earning assets on behalf of institutional and retail clients. Affiliate Manager AUM may not be consolidated into AGF Management Limited's reported AUM. 

 *US AUM converted FX rate at November 30, 2024 (1.41)
The term ‘Affiliate Manager’ refers to any partner regardless of relationship structures or revenue sharing agreements. The form of AGF’s structured partnership interests in Affiliate Managers differs from Affiliate Manager to Affiliate Manager. The structure of the relationship with a particular Affiliate Manager, or the revenue that AGF agrees to share in, may change. Affiliate Managers only provide investment advisory services or offer products in the jurisdiction where such firm, individuals and/or product is registered or authorized to provide such services.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.