TORONTO, June 26, 2024 (GLOBE NEWSWIRE) --

  * Reported quarterly adjusted diluted earnings per share of $0.35
  * Total assets under management and fee-earning assets of $47.8 billion
  * Declared quarterly dividend per share to 11.5 cents

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the second quarter ended May 31, 2024.
AGF reported total assets under management and fee-earning assets(1) of $47.8 billion compared to $45.0 billion as at February 29, 2024 and $41.2 billion as at May 31, 2023.
"Our solid results reflect the continued strength of our investment performance driven by our disciplined investment approach and bolstered by stronger than anticipated equity market conditions over the past quarter," said Kevin McCreadie, CEO and Chief Investment Officer at AGF. "Our robust performance was complemented by consistent growth across our business lines as conditions turned
more supportive and flows showed signs of improvement."
AGF's mutual fund gross sales were $934 million for the quarter compared to $914
million in the previous quarter and $819 million in the prior year quarter. Mutual fund net redemptions were $112 million compared to net redemptions of $125 million in the previous quarter and net sales of $77 million in the prior year quarter.
"We continue to make our capabilities available to clients in a range of vehicles, and we're seeing the benefits of this approach in particular as our separately managed accounts business continues to grow rapidly in both the U.S. and Canada," said Judy Goldring, President and Head of Global Distribution, AGF.
"Our approach, coupled with our solid investment performance, earned us recognition amongst our peers as we either won or were named a finalist for key industry awards both sides of the border," Goldring added.
_________________________(
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 Global Select ADR Constrained Strategy was recently 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 was named a finalist in three key categories at the Wealth Professional

Awards: Employer of Choice, Mutual Fund Provider of the Year and Alternative

    Investment Solutions Provider of the Year.
  * AGF U.S. Market Neutral Anti-Beta Fund (BTAL) was shortlisted for
    Alternative ETF of the Year at the Mutual Fund & ETF Awards presented by
    With Intelligence.
  * On June 13, Kensington Capital Partners Limited (KCPL) - one of Canada's
    leading alternative asset management firms and a partner of AGF Capital
    Partners - announced (https://www.kcpl.ca/kensington-capital-partners-

announces-final-close-of-290-million-kensington-venture-fund-iii/) the final

    close of its $290 million Kensington Venture Fund III, which follows a
    hybrid approach of direct investments into emerging tech companies and
    venture capital funds. Earlier this year, AGF completed a strategic

investment to acquire a majority interest in KCPL as part of the AGF Capital Partners growth strategy.
Financial Highlights:

  * AGF completed the acquisition of KCPL on March 8, 2024 and has consolidated
    KCPL financial results for the quarter ended May 31, 2024 under AGF Capital
    Partners.
  * Adjusted EBITDA(1) for the three months ended May 31, 2024, was $37.0
    million, compared to $49.5 million for the three months ended February
    29, 2024 and $43.9 million in the prior year comparative period.
  * Net management, advisory and administration fees(1) were $81.2 million for

the three months ended May 31, 2024, compared to $74.9 million for the three

    months ended February 29, 2024 and $75.7 million for the comparative prior
    year period.
  * Revenue from AGF Capital Partners for the three months ended May 31, 2024,
    was $12.0 million, compared to $24.4 million for the three months ended
    February 29, 2024 and $18.0 million for the comparative prior year period.
    The decrease quarter over quarter and year over year were driven by lower
    fair value adjustments and distribution income recorded on AGF Capital
    Partners, partially 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 changes in foreign currency translation as a
    portion of the investments are held in USD.

* Adjusted selling, general and administrative costs(1) were $60.0 million for the three months ended May 31, 2024, compared to $53.5 million for the three

    months ended February 29, 2024 and $51.9 million for the comparative prior
    year period.
  * Adjusted net income attributable to equity owners was $23.6 million ($0.35
    adjusted diluted EPS) for the three months ended May 31, 2024, compared to
    $33.7 million ($0.51 adjusted diluted EPS) for the three months ended
    February 29, 2024 and $31.2 million ($0.46 adjusted diluted EPS) for the
    comparative prior year period.

-------------------------------------------------------------------------------

                             Three months ended             Six months ended
                     ----------------------------------------------------------
                                  February
                       May 31,       29,       May 31,     May 31,     May 31,

(in millions of
Canadian dollars,
except per share
data) 2024 2024 2023 2024 2023
-------------------------------------------------------------------------------
Revenues
Management, advisory
and administration
fees $ 116.4 $ 108.6 $ 109.8 $ 225.0 $ 216.6
Trailing commissions
and investment
advisory fees (35.2 ) (33.7 ) (34.1 ) (68.9 ) (67.9 )
-------------------------------------------------------------------------------
Net management,
advisory and
administration
fees(1) $ 81.2 $ 74.9 $ 75.7 $ 156.1 $ 148.7
Deferred sales
charges 1.9 2.0 2.1 3.9 3.9
Revenue from AGF

 Capital Partners(1)     12.0        24.4        18.0        36.4        22.0
 Other revenue(1)         1.9         1.7           -         3.6         1.3

-------------------------------------------------------------------------------
Total net revenue(1) 97.0 103.0 95.8 200.0 175.9
Selling, general and
administrative 68.2 57.9 53.0 126.1 106.0
Adjusted selling,
general and

 administrative(1)       60.0        53.5        51.9       113.5       104.6
 EBITDA(1)               26.6        45.1        42.8        71.7        69.9
 Adjusted EBITDA(1)      37.0        49.5        43.9        86.5        71.3

Net income - equity
owners of the
Company 18.1 30.5 30.3 48.6 47.9
Adjusted net income
- equity owners of
the Company 23.6 33.7 31.2 57.3 49.0
Diluted earnings per
share 0.27 0.46 0.45 0.73 0.71
Adjusted diluted

 earnings per share      0.35        0.51        0.46        0.86        0.73
 Free cash flow(1)       17.2        17.2        19.8        34.4        39.1
 Dividends per share    0.115       0.110       0.110       0.225       0.210

-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(end of period) Three months ended
---------------------------------------------------------------

                                February     November
                   May 31,        29,          30,       August 31,    May 31,

(in millions of
Canadian
dollars) 2024 2024 2023 2023 2023
--------------------------------------------------------------------------------
Mutual fund
assets under
management

 (AUM)(2)         $ 26,961     $ 26,186     $ 24,459     $ 24,377     $ 23,631
 ETFs and SMA AUM    1,800        1,676        1,465        1,332        1,400

Segregated
accounts and
sub-advisory AUM 6,313 7,162 6,774 7,058 6,876
--------------------------------------------------------------------------------
Total AGF
Investments AUM 35,074 35,024 32,698 32,767 31,907
AGF Private
Wealth AUM 8,026 7,836 7,341 7,360 7,162
AGF Capital
Partners AUM 2,663 48 46 42 48
--------------------------------------------------------------------------------
Total AUM $ 45,763 $ 42,908 $ 40,085 $ 40,169 $ 39,117
AGF Capital
Partners fee-
earning
assets(3) 2,081 2,104 2,095 2,090 2,087
--------------------------------------------------------------------------------
Total AUM and
fee-earning
assets(3) $ 47,844 $ 45,012 $ 42,180 $ 42,259 $ 41,204
Net mutual fund
sales
(redemptions)(2) (112 ) (125 ) (224 ) (151 ) 77
Average daily
mutual fund
AUM(2) 26,604 25,197 23,840 24,168 24,017
--------------------------------------------------------------------------------

     Net  management,  advisory  and  administration  fees,  total net revenue,
     adjusted selling, general and administrative, EBITDA, adjusted EBITDA, 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

(1) (https://www.agf.com/corporate/index.jsp).
Mutual fund AUM includes retail AUM and institutional client AUM invested
(2) in customized series offered within mutual funds.

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

(3) the managers.
For further information and detailed financial statements for the second quarter
ended May 31, 2024, including Management's Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF's website at www.agf.com (https://www.agf.com/corporate/index.jsp) under 'About AGF' and 'Investor Relations' and at www.sedarplus.com (http://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 (https://www.agf.com/corporate/investor-relations/index.jsp) or
at https://edge.media-server.com/mmc/p/d8ghnmot. Alternatively, the call can be accessed over the phone by registering here (https://register.vevent.com/register/BI36ef27f97550426b94f83ee7cc8bd73c) or in the Investor Relations section of AGF's website at www.agf.com (https://www.agf.com/corporate/investor-relations/index.jsp), 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 $48
billion in total assets under management and fee-earning assets, AGF serves more
than 800,000 investors. AGF trades on the Toronto Stock Exchange under the
symbol AGF.B.
AGF Management Limited shareholders, analysts and media, please contact:
Ken Tsang
Chief Financial Officer
416-865-4338, InvestorRelations@agf.com (mailto:InvestorRelations@agf.com)
Caution Regarding Forward-Looking Statements
This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, or include words
such as 'expects,' 'estimates,' 'anticipates,' 'intends,' 'plans,' 'believes' or
negative versions thereof and similar expressions, or future or conditional verbs such as 'may,' 'will,' 'should,' 'would' and 'could.' In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They
are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and
advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no
obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may
impact actual results, please refer to the 'Risk Factors and Management of Risk'
section of the 2023 Annual MD&A.
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