{"id":45187,"date":"2021-06-30T12:11:05","date_gmt":"2021-06-30T12:11:05","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=75837"},"modified":"2021-06-30T12:11:05","modified_gmt":"2021-06-30T12:11:05","slug":"agf-management-limited-reports-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/indonesiatribune.com\/agf-management-limited-reports-second-quarter-2021-financial-results\/","title":{"rendered":"AGF Management Limited Reports Second Quarter 2021 Financial Results"},"content":{"rendered":"
TORONTO, June 30, 2021 (GLOBE NEWSWIRE) — AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the second quarter ended May 31, 2021.<\/p>\n
AGF reported total assets under management and fee-earning assets1<\/em><\/sup> of\u00a0$40.8 billion\u00a0compared to\u00a0$35.8 billion\u00a0as at May 31, 2020.<\/p>\n \u201cWhile the pandemic persisted through another quarter, we continued to gain sales momentum and expand our client base and reach into new markets,\u201d said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. \u201cFurther, we remain uniquely positioned to continue to redeploy capital against our strategic growth strategy delivering value to our shareholders by further diversifying our assets and revenue streams as we focus on new relationships and capital opportunities within our private alternatives business.\u201d<\/p>\n \u201cIn recognition of our strong results, robust financial position, and confidence in the future of our business, AGF\u2019s Board of Directors has approved to increase the quarterly dividend by 12.5%,” added McCreadie.<\/p>\n AGF\u2019s mutual funds net sales improved $501 million year-over-year, with total net sales of $408 million in Q2 2021, compared to net redemptions of $93 million in Q2 2020. Excluding net flows from institutional clients invested in mutual funds, retail mutual fund net sales were $431 million\u00a0for the quarter compared to\u00a0net redemptions of $93 million\u00a0in the comparative period of 2020. AGF mutual fund gross sales for the quarter totaled $1,060 million, a 108% improvement over prior year. While industry net sales were down 17% versus Q1 2021, AGF\u2019s mutual fund net sales are up 6% versus Q1 2021.<\/p>\n Mutual fund sales momentum continued into June with AGF reporting mutual fund net sales of $76 million as at June\u00a028, 2021 compared to net redemptions of $32 million for the same time last year. Mutual fund gross sales were up 87% year-over-year.<\/p>\n \u201cWe are seeing the results of taking a vehicle agnostic approach, in particular with accelerating sales into fee-based series and separately managed accounts as well as interest in the launch of our innovative private alternative offerings,\u201d said Judy Goldring, President and Head of Global Distribution, AGF.<\/p>\n Key Business Highlights: <\/strong><\/p>\n \u201cOver the last year, we have been committed to hearing directly from our employees through a series of surveys to better understand our employee population as it relates to our culture, diversity and inclusion,\u201d added Goldring. \u201cWe prioritized employee mental health, focused on keeping engagement high and have experienced a positive shift in our culture that enables all stakeholders to succeed, earning us industry recognition.\u201d<\/p>\n For further information on AGF\u2019s pandemic response plan statement<\/a> visit AGF.com<\/a>.<\/p>\n Financial Highlights: <\/strong><\/p>\n \u201cWe delivered strong mutual fund sales again this quarter that will generate revenue going forward, as we continue to see an increase in success-based expenses, the expense management discipline we have put in place has allowed our core expenses and operations to hold steady,\u201d added McCreadie.<\/p>\n\n
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