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Highlights
- AGF Management posts record assets under management of $53.6 billion for Q4 2024.
- Strategic investments in Kensington Capital Partners and New Holland Capital grow alternatives business.
- AGF to continue expanding alternatives portfolio, with strong balance sheet supporting future growth.
AGF Management Limited (TSX:AGF.B) today reported its financial results for the fourth quarter and fiscal year ended November 30, 2024. The company demonstrated significant growth, reporting total assets under management (AUM) and fee-earning assets of $53.6 billion, a substantial increase from $49.7 billion as of August 31, 2024, and $42.2 billion as of November 30, 2023.
Strong Performance and Strategic Execution
AGF's continued progress in executing its multi-year strategy to diversify its business across asset classes and client channels is reflected in these strong financial results. Kevin McCreadie, Chief Executive Officer and Chief Investment Officer of AGF, commented, “Throughout 2024, we continued to execute on our multi-year strategy to diversify our business across asset classes and client channels, supporting our ability to grow and thrive through changing market cycles and shifting investor preferences. This year saw us make significant progress against our strategic imperatives."
In terms of sales, AGF’s mutual fund gross sales totaled $993 million for the fourth quarter, compared to $1,012 million in the prior quarter and $687 million in the same quarter last year. Mutual fund net sales were $5 million, a slight decrease from $14 million in the previous quarter but a significant improvement over net redemptions of $224 million in the same quarter last year.
Key Business Highlights
AGF’s strong performance is underpinned by its strategic investments and growth initiatives, particularly in the alternatives space, which continues to be a key focus for the company. Notable strategic actions include:
- Acquisition of Kensington Capital Partners: AGF closed its strategic investment to acquire a majority interest in Kensington Capital Partners Limited (KCPL), one of Canada’s leading alternative investment firms. This acquisition, with $2.6 billion in assets under management, further strengthens AGF Capital Partners, the company’s multi-boutique alternatives business, and supports its long-term growth strategy.
- Strategic Investment in New Holland Capital: AGF also made a strategic investment in New Holland Capital, LLC (NHC), a New York-based multi-strategy investment manager with more than US$6 billion in assets. This investment adds absolute return-focused strategies and specialized credit investment capabilities to AGF’s growing alternatives business, AGF Capital Partners.
- Board Appointment: AGF appointed Laura Dottori-Attanasio to its Board of Directors. Ms. Dottori-Attanasio brings deep expertise in the financial sector and a proven track record of success across industries, further strengthening the diversity and experience of AGF's independent directors.
- Expansion of Canadian ETF Offerings: AGF Investments Inc. expanded its Canadian ETF offerings with the launch of ETF Series on long-running funds, particularly in alternative assets and active fixed income. This move is in line with AGF’s commitment to offer investors more options to access its strategies in preferred investment vehicles.
- Commitment to Stewardship: AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a respected benchmark for investment stewardship, reinforcing the company’s dedication to best practices in governance and sustainability.
