AGF Management Limited Reports Strong Second Quarter 2017 Financial Results

(Thomson Reuters ONE) -






* 30% growth in mutual fund gross sales compared to prior year quarter
* 50% of ranked AUM performed above median for the one-year period ended May
31, 2017, and 53% for the three-year period
* Achieved final close of InstarAGF Essential Infrastructure Fund (EIF) with
$740 million in commitments
* Reported Diluted EPS of $0.16 compared to $0.12 in Q2 2016

TORONTO, June 28, 2017 (GLOBE NEWSWIRE) -- AGF Management Limited (AGF or the
Company) today announced financial results for the second quarter ended May
31, 2017.

Total assets under management (AUM) increased 8.0% to $36.4 billion compared to
the same period in 2016, and up 3.7% compared to $35.1 billion as at February
28, 2017. AUM increased across all lines of business, including retail, private
client, institutional and subadvisory, and the Company's alternative asset
management platform.

During the three months ended May 31, 2017, retail fund net redemptions improved
62.1% to $107 million compared to net redemptions of $282 million for the three
months ended May 31, 2016, reflecting the Company's continued focus on
investment performance and customer service excellence.

On April 24, 2017, AGF further cemented its growing presence in the U.S.
exchange-traded fund (ETF) marketplace with the official launch of its AGFiQ
Asset Management (AGFiQ) quantitative solutions platform. AGFiQ has brought
together an intellectually diverse, multi-discipline team that combines the
complementary strength of investment professionals across AGF and its affiliates
from Highstreet Asset Management Inc. (Highstreet) and FFCM, LLC (FFCM) to
deliver innovative product ideas to manage volatility around specific client
needs and outcomes.

"Our strong second quarter results reflect the strategy and vision we set in
place," said Blake Goldring, Chairman and Chief Executive Officer, AGF

Management Limited. "The diversification of our business both globally and into
new growth businesses focused on alternative and factor-based investing, is yet
another example of how we are repositioning the firm to meet the evolving needs
of our clients."

Income from continuing operations for the three months ended May 31, 2017
increased 5.4% to $117.1 million compared to $111.1 million for the three months
ended May 31, 2016. EBITDA from continuing operations increased 11.5% to $29.2
million for the three months ended May 31, 2017, compared to $26.2 million for
the same period in 2016.

"We have moved to a place of consistent investment performance through our
focused efforts on bringing discipline to our investment processes to deliver
the repeatable results our clients expect of us," said Kevin McCreadie,
President and Chief Investment Officer, AGF Investments Inc. "As a result, we
are seeing our efforts reflected in the strengthening inflows experienced in our
core retail business."

On May 31, 2017, through InstarAGF, the Company's alternative asset management
platform, AGF achieved final close of EIF fund, reaching a fund size of $740
million.

Diluted earnings per share (EPS) from continuing operations for the three months
ended May 31, 2017 was $0.16, compared to $0.12 for the comparative period.

For the three months ended May 31, 2017, AGF declared an eight cent per share
dividend on Class A Voting common shares and Class B Non-Voting shares, payable
July 18, 2017 to shareholders on record as at July 10, 2017.


-------------------------------------------------------------------------------
(from continuing
  operations) Three months ended Six months ended
-----------------------------------------------------------
      May 31,   February 28,   May 31,     May 31,   May 31,

(in millions of
Canadian dollars,
except per share
  data)   2017   2017   2016     2017   2016
-------------------------------------------------------------------------------


  Income   117.1   107.2   111.1     224.3   214.4

Net Income
attributable to
equity owners of
  the

  Company   13.2   9.2   9.6     22.4   19.8



  EBITDA (1)   29.2   25.7   26.2     54.8   53.5

Adjusted EBITDA
  (1)   29.2   25.7   27.7     54.8   55.0



Diluted earnings
per share
  attributable to

equity owners of
  the Company   0.16   0.11   0.12     0.28   0.25



Adjusted diluted
earnings per
share
  attributable to

equity owners of
  the Company (1)   0.16   0.11   0.13     0.28   0.26



Free Cash Flow
  (1)   10.4   10.4   16.4     20.9   27.4

Dividends per
  share   0.08   0.08   0.08     0.16   0.16

  Long-term debt   168.4   198.3   228.9     168.4   228.9
-------------------------------------------------------------------------------


(1)  EBITDA (earnings before interest, taxes, depreciation and amortization),
adjusted EBITDA, adjusted diluted earnings per share 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.




-------------------------------------------------------------------------------
    Three months ended
------------------------------------------------------------
February November August
      May 31,   28,   30,     31,   May 31,

(in millions of
Canadian
  dollars)   2017   2017   2016 (1)   2016   2016
-------------------------------------------------------------------------------


Retail fund
Assets Under
  Management (AUM)

(including
retail pooled
  funds)   18,884   18,299   17,774     17,811   17,539

Institutional,
sub-advisory and
  ETF accounts AUM   11,336   10,960   10,810     11,033   11,087

Private client
  AUM   5,323   5,143   4,908     4,784   4,586

Alternative
asset management
  platform AUM (2)   902   712   685     619   535
-----------------------------------------------------------------------------
Total AUM,
including
alternative
  asset

management
  platform   36,445   35,114   34,177     34,247   33,747



Net retail
  redemptions   107   119   214     303   282

Average daily
  retail fund AUM   18,647   17,925   17,756     17,682   17,376
-------------------------------------------------------------------------------


(1) Net retail redemptions includes a $149.4 million transfer of an existing
client from institutional to retail.

(2) Represents fee-earning committed and/or invested capital from AGF and
external investors held through joint ventures. AGF's portion of this
commitment is $150.0 million, of which $76.0 million has been funded as at May
31, 2017, which includes $10.1 million return of capital related to the
monetization of its seed assets.

For further information and detailed financial statements for the second quarter
ended May 31, 2017, 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.sedar.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 http://edge.media-server.com/m/p/etao7r83. Alternatively, the call can be
accessed toll-free in North America by dialing 1-800-708-4540 (Passcode #:
45088906).

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 a diversified global asset
management firm with retail, institutional, alternative and high-net-worth
businesses. As an independent firm, AGF strives to help investors succeed by
delivering excellence in investment management and providing an exceptional
client experience. AGF's suite of diverse investment solutions extends globally
to a wide range of clients, from financial advisors and individual investors to
institutional investors including pension plans, corporate plans, sovereign
wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North
America, Europe and Asia. With over $36 billion in total assets under
management, AGF serves more than one million investors. AGF trades on the
Toronto Stock Exchange under the symbol AGF.B.

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, 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 2016 Annual MD&A.

AGF Management Limited shareholders, analysts and media, please contact:

Adrian Basaraba
Senior Vice-President and Chief Financial Officer
416-865-4203, Adrian.Basaraba(at)agf.com

Paul Francis
Director, Finance
416-815-6239, Paul.Francis(at)agf.com






This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: AGF Management Ltd. via GlobeNewswire

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Bereitgestellt von Benutzer: hugin
Datum: 28.06.2017 - 14:00 Uhr
Sprache: Deutsch
News-ID 550284
Anzahl Zeichen: 15175

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