- Reported quarterly adjusted diluted earnings per share of
$0.37
- Total assets under management and fee-earning assets of $49.7
billion
- Declared quarterly dividend per share of 11.5 cents
AGF Management Limited (AGF or the Company)
(TSX: AGF.B) today announced financial results for the third
quarter ended August 31, 2024.
AGF reported total assets under management and
fee-earning assets1 of $49.7 billion compared
to $47.8 billion as at May 31, 2024 and $42.3 billion as
at August 31, 2023.
“Amid an uncertain economic backdrop and
significant market volatility, we are pleased to see early signs of
improvement with positive retail net flows complementing our solid
investment performance,” said Kevin McCreadie, Chief Executive
Officer and Chief Investment Officer, AGF. “This improvement can be
attributed to our long-term strategic plan which diversifies our
business across asset classes and client channels ensuring we
thrive through changing market cycles.”
AGF’s mutual fund gross sales were $1,012
million for the quarter compared to $934 million in the previous
quarter and $633 million in the prior year quarter. Mutual fund net
sales were $14 million compared to net redemptions of $112 million
in the previous quarter and net redemptions of $151 million in the
prior year quarter.
“Given the current market environment and
industry trends, we are pleased with the trajectory of our sales
strategy,” said Judy Goldring, President and Head of Global
Distribution, AGF. “Heading into the final months of 2024, we
remain focused on diversifying our capabilities and offerings
through a vehicle agnostic approach that meets the evolving needs
of our clients.”
_________________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 and Financial Highlights:
- AGF
International Advisors Company Limited, a subsidiary of AGF, was
once again accepted as a signatory to the UK Stewardship Code, a
best-practice benchmark in investment stewardship.
- AGF
Management Limited partnered with Archer Holdco, LLC – a leading
technology-enabled service provider to the investment management
industry – to help further grow its Separately Managed Accounts
(SMA) model business through additional product offerings and
investment strategies.
- AGF SAF
Private Credit LP was named a Top Contender for a 2024 Canadian
Hedge Fund Award Fund.
-
Adjusted EBITDA2 for the three months ended August 31, 2024, was
$40.2 million, compared to $37.0 million for the three months ended
May 31, 2024 and $33.7 million in the prior year comparative
period.
-
Net management, advisory and administration fees2 were $78.7
million for the three months ended August 31, 2024, compared to
$81.2 million for the three months ended May 31, 2024 and $73.8
million for the comparative prior year period.
-
Adjusted revenue from AGF Capital Partners for the three months
ended August 31, 2024, was $18.5 million, compared to $12.0 million
for the three months ended May 31, 2024 and $7.3 million for the
comparative prior year period. The increase quarter over quarter
and year over year were driven by higher fair value adjustments and
distribution income and the consolidation of a full quarter 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 were $59.6
million for the three months ended August 31, 2024, compared to
$60.0 million for the three months ended May 31, 2024 and $50.3
million for the comparative prior year period.
-
Adjusted net income attributable to equity owners was $24.5 million
($0.37 adjusted diluted EPS) for the three months ended August 31,
2024, compared to $23.6 million ($0.35 adjusted diluted EPS) for
the three months ended May 31, 2024 and $22.9 million ($0.34
adjusted diluted EPS) for the comparative prior year period.
|
|
Three months ended |
Nine months ended |
|
|
|
August 31, |
|
|
May 31, |
|
|
August 31, |
|
|
August 31, |
|
|
August 31, |
|
|
(in
millions of Canadian dollars, except per share data) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Management, advisory and administration fees |
$ |
114.4 |
|
$ |
116.4 |
|
$ |
107.4 |
|
$ |
339.4 |
|
$ |
324.0 |
|
|
Trailing commissions and investment advisory fees |
|
(35.7 |
) |
|
(35.2 |
) |
|
(33.6 |
) |
|
(104.6 |
) |
|
(101.5 |
) |
|
Net management, advisory and administration fees2 |
$ |
78.7 |
|
$ |
81.2 |
|
$ |
73.8 |
|
$ |
234.8 |
|
$ |
222.5 |
|
|
Deferred sales charges |
|
1.4 |
|
|
1.9 |
|
|
1.8 |
|
|
5.3 |
|
|
5.7 |
|
|
Adjusted revenue from AGF Capital Partners2 |
|
18.5 |
|
|
12.0 |
|
|
7.3 |
|
|
54.7 |
|
|
29.4 |
|
|
Other revenue2 |
|
1.2 |
|
|
1.9 |
|
|
1.1 |
|
|
5.1 |
|
|
2.4 |
|
|
Total adjusted net revenue2 |
|
99.8 |
|
|
97.0 |
|
|
84.0 |
|
|
299.9 |
|
|
260.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
66.3 |
|
|
68.2 |
|
|
50.2 |
|
|
192.3 |
|
|
156.2 |
|
|
Adjusted selling, general and
administrative2 |
|
59.6 |
|
|
60.0 |
|
|
50.3 |
|
|
173.1 |
|
|
155.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA2 |
|
33.0 |
|
|
26.6 |
|
|
33.8 |
|
|
104.8 |
|
|
103.8 |
|
|
Adjusted EBITDA2 |
|
40.2 |
|
|
37.0 |
|
|
33.7 |
|
|
126.8 |
|
|
105.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - equity owners of
the Company |
|
20.3 |
|
|
18.1 |
|
|
23.0 |
|
|
68.9 |
|
|
70.9 |
|
|
Adjusted net income - equity
owners of the Company |
|
24.5 |
|
|
23.6 |
|
|
22.9 |
|
|
81.8 |
|
|
71.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
|
0.30 |
|
|
0.27 |
|
|
0.34 |
|
|
1.03 |
|
|
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per
share |
|
0.37 |
|
|
0.35 |
|
|
0.34 |
|
|
1.23 |
|
|
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow2 |
|
29.1 |
|
|
23.7 |
|
|
22.9 |
|
|
73.9 |
|
|
62.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share |
|
0.115 |
|
|
0.115 |
|
|
0.110 |
|
|
0.340 |
|
|
0.320 |
|
|
(end of period) |
Three months ended |
|
|
|
Aug. 31, |
|
|
May 31, |
|
|
Feb. 28, |
|
|
Nov. 30, |
|
|
Aug. 31, |
|
|
(in
millions of Canadian dollars) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual fund assets under management (AUM)3 |
$ |
28,104 |
|
$ |
26,961 |
|
$ |
26,186 |
|
$ |
24,459 |
|
$ |
24,377 |
|
|
ETFs and SMA AUM |
|
2,128 |
|
|
1,800 |
|
|
1,676 |
|
|
1,465 |
|
|
1,332 |
|
|
Segregated accounts and sub-advisory AUM |
|
6,430 |
|
|
6,313 |
|
|
7,162 |
|
|
6,774 |
|
|
7,058 |
|
|
Total AGF Investments AUM |
|
36,662 |
|
|
35,074 |
|
|
35,024 |
|
|
32,698 |
|
|
32,767 |
|
|
AGF Private Wealth AUM |
|
8,186 |
|
|
8,026 |
|
|
7,836 |
|
|
7,341 |
|
|
7,360 |
|
|
AGF
Capital Partners AUM |
|
2,774 |
|
|
2,663 |
|
|
48 |
|
|
46 |
|
|
42 |
|
|
Total AUM |
$ |
47,622 |
|
$ |
45,763 |
|
$ |
42,908 |
|
$ |
40,085 |
|
$ |
40,169 |
|
|
AGF
Capital Partners fee-earning assets4 |
|
2,080 |
|
|
2,081 |
|
|
2,104 |
|
|
2,095 |
|
|
2,090 |
|
|
Total AUM and fee-earning assets4 |
$ |
49,702 |
|
$ |
47,844 |
|
$ |
45,012 |
|
$ |
42,180 |
|
$ |
42,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net mutual fund sales
(redemptions)3 |
|
14 |
|
|
(112 |
) |
|
(125 |
) |
|
(224 |
) |
|
(151 |
) |
|
Average
daily mutual fund AUM3 |
|
27,542 |
|
|
26,604 |
|
|
25,197 |
|
|
23,840 |
|
|
24,168 |
|
2 Net management, advisory and administration
fees, adjusted revenue from AGF Capital Partners, 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.3 Mutual fund AUM includes retail AUM and
institutional client AUM invested in customized series offered
within mutual funds.4 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.
For further information and detailed financial
statements for the third quarter ended August 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
under ‘About AGF’ and ‘Investor Relations’ and at
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 or
at https://edge.media-server.com/mmc/p/fwjgan3c/.
Alternatively, the call can be accessed over the phone
by registering here or in the Investor Relations section
of AGF’s website at www.agf.com, 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 $50 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 TsangChief Financial Officer416-865-4338,
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.
Grafico Azioni AGF Management (TSX:AGF.B)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni AGF Management (TSX:AGF.B)
Storico
Da Dic 2023 a Dic 2024