{"id":50287,"date":"2021-09-29T12:14:16","date_gmt":"2021-09-29T12:14:16","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=79724"},"modified":"2021-09-29T12:14:16","modified_gmt":"2021-09-29T12:14:16","slug":"agf-management-limited-reports-third-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/malaysiantribune.com\/agf-management-limited-reports-third-quarter-2021-financial-results\/","title":{"rendered":"AGF Management Limited Reports Third Quarter 2021 Financial Results"},"content":{"rendered":"
AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August\u00a031, 2021.<\/p>\n
AGF reported total assets under management and fee-earning assets1<\/sup><\/em> of\u00a0$43.4 billion\u00a0compared to\u00a0$36.5 billion\u00a0as at August 31, 2020.<\/p>\n \u201cAs we head into the final months of 2021, we are well-positioned to execute against our strategic priorities and will aim to continue to gain momentum with a focus on increasing sales, evolving our client-base and looking for opportunities to diversify our business,\u201d said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF.<\/p>\n \u201cDespite the challenges of the pandemic, this year we have made strides expanding into the private alternatives space and are seeing the results of growing interest into our fee-based series and separately managed accounts,\u201d added McCreadie.<\/p>\n AGF\u2019s mutual funds net sales improved $310 million year-over-year, with total net sales of $288 million in Q3 2021, compared to net redemptions of $22 million in Q3 2020. Excluding net flows from institutional clients invested in mutual funds, retail mutual fund net sales were $288 million\u00a0for the quarter compared to\u00a0net redemptions of $4 million\u00a0in the comparative period of 2020. AGF mutual fund gross sales for the quarter totaled $790 million, a 61% improvement over prior year.<\/p>\n Mutual fund sales momentum continued into September with AGF reporting mutual fund net sales of $80 million as at September\u00a024, 2021 compared to net redemptions of $11 million for the same time last year. Mutual fund gross sales were up 51% year-over-year.<\/p>\n \u201cDelivering on our strategic growth strategy, this quarter we deployed capital and diversified partnerships within our private alternatives business,\u201d said Adrian Basaraba, Senior Vice-President and Chief Financial Officer. \u201cThe opportunities within this space have allowed us to realize value for our shareholders and grow our assets and revenue streams.\u201d<\/p>\n \u201cWe are targeting continued growth while keeping expense management top of mind with the goal of improving margins,\u201d added Basaraba.<\/p>\n Key Business Highlights: <\/strong><\/p>\n For further information on AGF\u2019s pandemic response plan statement<\/u><\/a> visit AGF.com<\/u><\/a>.<\/p>\n \u201cWhen it comes to expense management, we continue to take a thoughtful approach that has allowed our core expenses and operations to remain relatively consistent as we continue to see an increase in success-based expenses,\u201d added Basaraba.<\/p>\n\n
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\nFinancial Highlights:<\/strong><\/p>\n\n