NASDAQ OMX

AGF Management Limited Reports Strong Second Quarter 2017 Financial Results

Dela

 

 

  • 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
      May 31,   February 28,   November 30,     August 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@agf.com 

Paul Francis
Director, Finance
416-815-6239, Paul.Francis@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

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Leading Medical Organizations Update Guideline for Molecular Testing and Targeted Therapies in Lung Cancer23.1.2018 21:11Pressmeddelande

DENVER, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Rapid advancements in the molecular diagnostic testing of lung cancer have led to new treatments and greater hope for patients battling lung cancer, the most common cause of cancer death worldwide. To ensure that clinicians stay apace and provide optimal patient care, three leading medical societies-the College of American Pathologists (CAP), the International Association for the Study of Lung Cancer (IASLC), and the Association for Molecular Pathology (AMP)-have updated their 2013 evidence-based guideline. Published today in early online release, the "Updated Molecular Testing Guideline for the Selection of Lung Cancer Patients for Treatment with Targeted Tyrosine Kinase Inhibitors," continues to set standards for the molecular analysis of lung cancers for test results that effectively guide targeted therapy and treatment. Targeted cancer therapies are drugs or other treatments that block the spread of cancer by interfering with specific molec

CashBet Seeks $40 Million for World's Only Complete Crypto-Ready Mobile iGaming Platform23.1.2018 16:31Pressmeddelande

Gaming and cryptocurrency industry leaders develop blockchain-based iGaming platform improving trust, speed, access, costs, and content availability OAKLAND, Calif., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Leading mobile-first iGaming platform provider CashBet (https://coin.cashbet.com/) today announced it seeks to raise $40 million through an Initial Coin Offering (ICO) to develop the world's first complete crypto-ready mobile iGaming platform. Interactive gaming, which includes real money, social, skill-based, esports and sports betting, hit $91 billion in 2016, led by mobile gaming. Despite strong growth, current iGaming operations continue to face three major issues: trust, speed, and cost. CashBet is the first and only vertically integrated iGaming solution to leverage blockchain technology for transparent operations, increased speed, and lower transaction fees. The CashBet Coin will be available in pre-sale starting January 24, 2018 at 5:00 p.m. GMT, with a 20 percent discount offered.

BrandSafway Announces Acquisition of Venko Groep BV23.1.2018 16:30Pressmeddelande

Combined customers to benefit from broader range of services and greater depth of expertise KENNESAW, GA, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Brand Industrial Services, known as BrandSafway, has acquired Venko Groep BV, a portfolio company of Mentha Capital, effective January 1, 2018. Moving forward, the company will operate as Venko, A BrandSafway Company and become a part of Brand Energy & Infrastructure Services (Brand) in Europe. "We're excited to announce the closing of the acquisition of Venko," said Dave Witsken, President of Energy and Industrial for BrandSafway. "Venko is a leading offshore coatings maintenance provider for platforms in Europe. By leveraging the highly specialized knowledge and capabilities of Venko, we will be able to provide expanded coatings services to Brand's European customers. At the same time, with our support, Venko will now be able to offer their customers a broader inventory of access equipment and additional industrial services, such as insulation an

Data on Novel Humanized Models for Targeted Immunotherapy Development, a CrownBio Conference Talk on January 24th, 201823.1.2018 14:53Pressmeddelande

SAN DIEGO, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE:6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, will unveil data supporting use of its cost-effective, humanized drug target models at the Tumor Models Conference in San Francisco tomorrow, Wednesday, January 24th, 2018. Humanized research tools are crucial to the development of target-specific immunotherapies like pembrolizumab and ipilimumab. To help improve research in this burgeoning field, CrownBio has developed a humanized platform that informs the preclinical pharmacology of targeted immunotherapies, including solutions for PD-1, PD-L1, OX40, and CD3E. Constituent models feature fully functional murine immunity with humanized drug targets that can be used in conjunction with syngeneic tumor cell lines engineered to expr

Music Legend Joey Fatone Will Be Celebrity Grand Marshal Of First Ever 15th Annual World's Shortest St. Patrick's Day Parade In Hot Springs, Arkansas23.1.2018 13:56Pressmeddelande

HOT SPRINGS NATIONAL PARK, Ark., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Music legend Joey Fatone, who soared to worldwide fame as a member of boy-band *NSYNC, will be celebrity grand marshal of the First Ever 15th Annual World's Shortest St. Patrick's Day Parade in downtown Hot Springs March 17, 2018, reports Hot Springs Convention & Visitors Bureau. He'll round out a quartet of celebrities who will be part of the quirky parade, which annually draws throngs to world-famous Bridge Street, the shortest street in the world in everyday use - 98 feet long. Jon Heder, who became famous as Napoleon Dynamite, will be the parade's official starter. The 2018 parade will begin at 7:30 p.m., an hour later than previous years. The start time was changed to allow Oaklawn racing fans plenty of time to enjoy the live racing including The Rebel Stakes at Oaklawn Park, and still get downtown for the start of the parade. Morris Day and the Time will perform a free concert at the conclusion of the parade. On F

HemCheck och Region Västmanland i studie om hemolyserade blodgasprov23.1.2018 13:30Pressmeddelande

PRESSMEDDELANDE HemCheck och Region Västmanland i studie om hemolyserade blodgasprov Karlstad 23 januari 2018: HemCheck Sweden AB meddelar idag att bolaget tecknat ett avtal med Region Västmanland avseende en studie för att kartlägga förekomsten av hemolys i blodgasprover tagna vid akutmottagningen på Västmanlands Sjukhus i Västerås. Blodgasanalys är ett blodprov som tas rutinmässigt på sjukhus och som är ett centralt verktyg när snabba svar krävs för kritiska diagnoser. Blodgasanalysen påverkas, liksom vanlig blodprovstagning, av hemolys, men i vilken omfattning är ännu inte lika väl dokumenterat. -Idag utförs ingen hemolyskontroll på blodgasprov. Avsikten med studien är att undersöka förekomsten av hemolys i blod som analyserats i blodgasapparater och se om det kan detekteras med hjälp av ett enkelt test. Det är glädjande att vi som ett första steg i det arbetet kan genomföra en så viktig studie ihop med Region Västmanland och Västmanlands Sjukhus Västerås. Vi ser att väl fungerande

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum