{"id":54419,"date":"2022-01-26T13:02:02","date_gmt":"2022-01-26T13:02:02","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=85923"},"modified":"2022-01-26T13:02:02","modified_gmt":"2022-01-26T13:02:02","slug":"agf-management-limited-reports-fourth-quarter-and-fiscal-year-2021-financial-results","status":"publish","type":"post","link":"https:\/\/malaysiantribune.com\/agf-management-limited-reports-fourth-quarter-and-fiscal-year-2021-financial-results\/","title":{"rendered":"AGF Management Limited Reports Fourth Quarter and Fiscal Year 2021 Financial Results"},"content":{"rendered":"
TORONTO, Jan. 26, 2022 (GLOBE NEWSWIRE) —<\/p>\n
AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the fourth quarter and fiscal year ended November 30, 2021.<\/p>\n
AGF reported total assets under management and fee-earning assets1<\/sup> of\u00a0$42.6 billion\u00a0compared to\u00a0$43.4 billion\u00a0as at August 31, 2021 and $38.3 billion as at November 30, 2020.<\/p>\n \u201cAs we marked our second fiscal year-end of the pandemic, we have continued to work effectively and execute against our long-term strategy and stated goals, including the growth of our private alternatives business and securing key hires intended to help us accelerate our growth,\u201d said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. \u201cOver the course of the year we built terrific sales momentum and delivered risk-adjusted performance, while providing our clients with an essential service.\u201d<\/p>\n \u201cCritical to advancing our strategy we will continue to strategically deploy capital to effectively secure our place as an alternatives provider of choice for our clients while looking to maintain, and build upon, the positive sales momentum we have experienced over this past year,\u201d added McCreadie.<\/p>\n AGF\u2019s mutual fund gross sales were $914 million for the quarter compared to $679 million in the comparative period, a 35% improvement year over year. AGF\u2019s gross sales have continued to outpace the industry. Year over year, retail mutual fund gross sales2<\/sup> improved by 39% compared to 18% for the industry3<\/sup>. AGF\u2019s mutual funds net sales improved $264 million year-over-year, with total net sales of $352 million in Q4 2021, compared to $88 million in Q4 2020.<\/p>\n Mutual fund sales momentum has continued into the first quarter of 2022, with net sales of $115 million as at January 21, 2022, compared to net sales of $104 million for the same time last year. Mutual fund gross sales were up 3% year-over-year.<\/p>\n \u201cThis year, we returned retail sales to net inflows, experiencing year-over-year improvements across all channels with strong flows into multiple categories,\u201d said Judy Goldring, President and Head of Global Distribution, AGF.<\/p>\n \u201cI believe this success is the result of evolving our client base across channels and providing products that are responsive to market trends, while addressing growing interest in private alternatives, fee-based series and separately managed accounts.\u201d<\/p>\n __________________ Key Business Highlights: <\/strong><\/p>\n For further information on AGF\u2019s pandemic response plan statement<\/a> visit AGF.com<\/a>.<\/p>\n Financial Highlights: <\/strong><\/p>\n
\n1<\/sup> 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.
\n2<\/sup> Retail mutual fund gross sales are calculated as reported mutual fund gross sales less non-recurring institutional gross sales in excess of $5 million invested in our mutual funds.
\n3<\/sup> Long-term funds.<\/p>\n\n
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\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n Three months ended<\/strong><\/td>\n Years ended<\/strong><\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n November 30,<\/strong><\/td>\n <\/td>\n <\/td>\n August 31,<\/strong><\/td>\n <\/td>\n <\/td>\n November 30,<\/strong><\/td>\n <\/td>\n <\/td>\n November 30,<\/strong><\/td>\n <\/td>\n <\/td>\n November 30,<\/strong><\/td>\n <\/td>\n<\/tr>\n \n (in millions of Canadian dollars, except per share data)<\/td>\n <\/td>\n 2021<\/strong><\/td>\n <\/td>\n <\/td>\n 2021<\/strong><\/td>\n <\/td>\n <\/td>\n 2020<\/strong>1<\/strong><\/sup><\/td>\n <\/td>\n <\/td>\n 2021<\/strong><\/td>\n <\/td>\n <\/td>\n 2020<\/strong>1<\/strong><\/sup><\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Income<\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Management, advisory, administration fees<\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n and deferred sales charges<\/td>\n $<\/td>\n 114.6<\/td>\n <\/td>\n $<\/td>\n 112.4<\/td>\n <\/td>\n $<\/td>\n 97.5<\/td>\n <\/td>\n $<\/td>\n 438.5<\/td>\n <\/td>\n $<\/td>\n 380.7<\/td>\n <\/td>\n<\/tr>\n \n Share of profit of joint ventures<\/td>\n <\/td>\n 0.1<\/td>\n <\/td>\n <\/td>\n 2.2<\/td>\n <\/td>\n <\/td>\n 1.6<\/td>\n <\/td>\n <\/td>\n 3.1<\/td>\n <\/td>\n <\/td>\n 2.9<\/td>\n <\/td>\n<\/tr>\n \n Other income from fee-earning arrangements<\/td>\n <\/td>\n 0.8<\/td>\n <\/td>\n <\/td>\n 0.7<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n 1.9<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n<\/tr>\n \n Dividend income, net of currency hedge (S&WHL)<\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n 45.8<\/td>\n <\/td>\n<\/tr>\n \n Gain on sale of assets classified as held for sale,<\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n net of currency hedge (S&WHL)<\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n 104.4<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n 104.4<\/td>\n <\/td>\n<\/tr>\n \n Fair value adjustments and other income<\/td>\n <\/td>\n 6.4<\/td>\n <\/td>\n <\/td>\n 7.8<\/td>\n <\/td>\n <\/td>\n 5.9<\/td>\n <\/td>\n <\/td>\n 18.1<\/td>\n <\/td>\n <\/td>\n 10.1<\/td>\n <\/td>\n<\/tr>\n \n Total Income<\/td>\n $<\/td>\n 121.9<\/td>\n <\/td>\n $<\/td>\n 123.1<\/td>\n <\/td>\n $<\/td>\n 209.4<\/td>\n <\/td>\n $<\/td>\n 461.6<\/td>\n <\/td>\n $<\/td>\n 543.9<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Selling, general and administrative<\/td>\n <\/td>\n 49.9<\/td>\n <\/td>\n <\/td>\n 50.1<\/td>\n <\/td>\n <\/td>\n 43.1<\/td>\n <\/td>\n <\/td>\n 195.1<\/td>\n <\/td>\n <\/td>\n 174.7<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Deferred selling commissions<\/td>\n <\/td>\n 15.3<\/td>\n <\/td>\n <\/td>\n 14.1<\/td>\n <\/td>\n <\/td>\n 10.3<\/td>\n <\/td>\n <\/td>\n 62.6<\/td>\n <\/td>\n <\/td>\n 42.0<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n EBITDA before commissions2<\/sup><\/td>\n <\/td>\n 35.5<\/td>\n <\/td>\n <\/td>\n 37.5<\/td>\n <\/td>\n <\/td>\n 137.0<\/td>\n <\/td>\n <\/td>\n 127.7<\/td>\n <\/td>\n <\/td>\n 251.1<\/td>\n <\/td>\n<\/tr>\n \n Adjusted EBITDA before commissions2<\/sup><\/td>\n <\/td>\n 35.5<\/td>\n <\/td>\n <\/td>\n 37.5<\/td>\n <\/td>\n <\/td>\n 31.6<\/td>\n <\/td>\n <\/td>\n 127.7<\/td>\n <\/td>\n <\/td>\n 113.2<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n EBITDA<\/td>\n <\/td>\n 20.2<\/td>\n <\/td>\n <\/td>\n 23.4<\/td>\n <\/td>\n <\/td>\n 126.7<\/td>\n <\/td>\n <\/td>\n 65.1<\/td>\n <\/td>\n <\/td>\n 209.1<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Net income<\/td>\n <\/td>\n 13.8<\/td>\n <\/td>\n <\/td>\n 14.9<\/td>\n <\/td>\n <\/td>\n 110.4<\/td>\n <\/td>\n <\/td>\n 39.3<\/td>\n <\/td>\n <\/td>\n 173.9<\/td>\n <\/td>\n<\/tr>\n \n Adjusted net income2<\/sup><\/td>\n <\/td>\n 13.8<\/td>\n <\/td>\n <\/td>\n 14.9<\/td>\n <\/td>\n <\/td>\n 15.0<\/td>\n <\/td>\n <\/td>\n 39.3<\/td>\n <\/td>\n <\/td>\n 46.0<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Diluted earnings per share<\/td>\n <\/td>\n 0.19<\/td>\n <\/td>\n <\/td>\n 0.21<\/td>\n <\/td>\n <\/td>\n 1.43<\/td>\n <\/td>\n <\/td>\n 0.55<\/td>\n <\/td>\n <\/td>\n 2.22<\/td>\n <\/td>\n<\/tr>\n \n Adjusted diluted earnings per share2<\/sup><\/td>\n <\/td>\n 0.19<\/td>\n <\/td>\n <\/td>\n 0.21<\/td>\n <\/td>\n <\/td>\n 0.19<\/td>\n <\/td>\n <\/td>\n 0.55<\/td>\n <\/td>\n <\/td>\n 0.59<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Free cash flow2<\/sup><\/td>\n <\/td>\n 12.5<\/td>\n <\/td>\n <\/td>\n 21.5<\/td>\n <\/td>\n <\/td>\n 9.9<\/td>\n <\/td>\n <\/td>\n 54.8<\/td>\n <\/td>\n <\/td>\n 46.1<\/td>\n <\/td>\n<\/tr>\n \n Dividends per share<\/td>\n <\/td>\n 0.09<\/td>\n <\/td>\n <\/td>\n 0.09<\/td>\n <\/td>\n <\/td>\n 0.08<\/td>\n <\/td>\n <\/td>\n 0.34<\/td>\n <\/td>\n <\/td>\n 0.32<\/td>\n <\/td>\n<\/tr>\n \n Long-term debt<\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n <\/td>\n \u2013<\/td>\n <\/td>\n<\/tr>\n \n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n