AGF Management Limited Reports First Quarter 2025 Financial Results
TORONTO, April 08, 2025 (GLOBE NEWSWIRE) --
Reported quarterly adjusted diluted earnings per share of $0.48
Total assets under management and fee-earning assets of $53.8 billion
Increased quarterly dividend per share to 12.5 cents
AGF Management Limited (AGF or the Company) (TSX:AGF) today announced financial results for the first quarter ended February 28, 2025.
AGF reported total assets under management and fee-earning assets1 of $53.8 billion compared to $53.6 billion as at November 30, 2024 and $45.0 billion as at February 29, 2024.
"In a challenging market environment shaped by political change, we have excelled and continued to deliver on our strategy," said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. "Our long-term approach aims to deliver on our strategic imperatives; while also ensuring we can thrive through changing market cycles and uncertainty."
AGF's mutual fund gross sales were $1,568 million for the quarter compared to $993 million in the previous quarter and $914 million in the prior year quarter. Mutual fund net sales were $258 million compared to $5 million in the previous quarter and net redemptions of $125 million in the prior year quarter.
"Recent market volatility has reinforced the importance of providing investors with access to diverse capabilities and offerings," said Judy Goldring, President and Head of Global Distribution, AGF. "With alternatives playing an increasingly important role in portfolios, this quarter we have focused on further building out our strategies with the launch of products across our lines of business."
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:
In January, AGF Capital Partners, AGF Management Limited's multi-boutique alternatives business announced the launch of the AGF NHC Tactical Alpha Fund, an absolute return-oriented strategy that aims to generate attractive risk-adjusted returns across market regimes while maintaining low beta to traditional asset classes.
In February, AGF Investments Inc. announced the launch of AGF Enhanced U.S. Income Plus Fund, an alternative mutual fund that seeks to provide long-term capital appreciation and generate a high level of consistent income by investing in U.S. equity securities and employing dynamic options strategies such as put writing and covered call writing.
AGF Investments Inc. was recognized with FundGrade A+® Awards for AGF American Growth Fund, AGF Fixed Income Plus Fund and AGF Global Select Fund.
Taking another important step forward in our ongoing commitment to gender equity, AGF Management Limited announced a new partnership with VersaFi, (formerly Women in Capital Markets). This renowned organization is focused on addressing barriers to women's advancement, sharing best practices and strategies for progress, and developing actionable policies and industry-leading programs to advance gender diversity in the workplace.
Financial Highlights:
Adjusted EBITDA2 for the three months ended February 28, 2025 was $47.9 million, compared to $39.6 million for the three months ended November 30, 2024 and $49.5 million for the comparative prior year period.
Net management, advisory and administration fees2 for the three months ended February 28, 2025 was $85.2 million, compared to $83.6 million for the three months ended November 30, 2024 and $74.9 million for the comparative prior year period.
Adjusted revenue from AGF Capital Partners for the three months ended February 28, 2025 was $23.6 million, compared to $18.2 million for the three months ended November 30, 2024 and $24.4 million for the comparative prior year period. The decrease year over year was driven by change in fair value adjustments, offset by 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 for the three months ended February 28, 2025 was $63.6 million, compared to $66.2 million for the three months ended November 30, 2024 and $53.5 million for the comparative prior year period. The increase in adjusted SG&A from prior year reflects the consolidation of KCPL as well as increases driven by higher performance-based compensation and the market environment.
Adjusted net income attributable to equity owners2 for the three months ended February 28, 2025 was $32.1 million ($0.48 adjusted diluted EPS), compared to $29.8 million ($0.45 adjusted diluted EPS) and $33.7 million ($0.51 adjusted diluted EPS) for the comparative prior year period.
Three months ended
February 28,
November 30,
February 29,
(in millions of Canadian dollars, except per share data)
2025
2024
2024
Revenues
Management, advisory and administration fees
$
122.8
$
120.2
$
108.6
Trailing commissions and investment advisory fees
(37.6
)
(36.6
)
(33.7
)
Net management, advisory and administration fees2
$
85.2
$
83.6
$
74.9
Deferred sales charges
1.2
1.3
2.0
Adjusted revenue from AGF Capital Partners2
23.6
18.2
24.4
Other revenue2
1.5
https://www.benzinga.com/pressreleases/25/04/g44681153/agf-management-limited-reports-first-quarter-2025-financial-results
