AGF Management Limited Reports Third Quarter 2023 Financial Results.

TORONTO:

Reported quarterly diluted earnings per share of $0.34

AGF reported mutual fund net redemptions of $151 million

AGF saw growth of 43% in its ETFs and SMA AUM year over year

Quarterly dividend of $0.11 per share

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August 31, 2023.

AGF reported total assets under management and fee-earning assets1 of $42.3 billion compared to $41.2 billion as at May 31, 2023 and $39.6 billion as at August 31, 2022.

"We continue to see the results of implementing our long-term strategic plan to diversify our business across asset classes and client channels allowing us to persevere through different market cycles," said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. "Our flows continue to exceed the industry at a time of heightened market volatility and against a backdrop where investors are feeling pressure due to higher inflation and higher interest rates."

AGF's mutual fund gross sales were $633 million for the quarter compared to $594 million in the comparative period. Mutual fund net redemptions were $151 million compared to sales of $51 million in the comparative period. AGF reported ETFs and SMA AUM of $1.3 billion as at August 31, 2023 as compared to $0.9 billion in the comparative period.

"Key to our continued success during this time of market uncertainty is the diversification of our product lineup," said Judy Goldring, President and Head of Global Distribution, AGF. "As our clients embrace different ways of accessing our investment capabilities, we are seeing the benefits of our vehicle agnostic approach in the form of consistent, strong growth in separately managed accounts both here in Canada as well as in the U.S."

Key Business Highlights:

In August, AGF Investments Inc. expanded its lineup with the launch of AGF Enhanced U.S. Equity Income Fund, which is available as a mutual fund with an ETF series option. As the firm takes a more vehicle agnostic approach, this is the first in a series of strategies expected to launch or to be made available in a mutual fund and ETF.

AGF continued to experience a better than industry redemption rate of 13% in Canadian mutual funds, compared to the industry average of 15% for IFIC reporting firms.2

The firm celebrated 55 years of AGF Management Limited's stock being listed on the TSX with a Market Open event at the TMX. This longevity is a testament to AGF's history of innovation, a disciplined investment approach and an unwavering commitment to our clients.

AGF International Advisors Company Limited, a subsidiary of AGF...