AGF Management Limited Reports Strong Financial Results for Q4 and Fiscal Year 2024

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the fourth quarter and fiscal year ended November 30, 2024, showcasing a robust performance driven by strategic initiatives and a diversified business model. The Company reported total assets under management and fee-earning assets of $53.6 billion, a significant increase from $49.7 billion as at August 31, 2024 and $42.2 billion as at November 30, 2023.

Throughout 2024, AGF continued to execute on its multi-year strategy to diversify its business across asset classes and client channels, supporting its ability to grow and thrive through changing market cycles and shifting investor preferences. This year saw the Company make significant progress against its strategic imperatives, as highlighted by several key business highlights.

AGF announced the closing of its strategic investment to acquire a majority interest in Kensington Capital Partners Limited (KCPL), one of Canada's leading alternative investment firms with $2.6 billion of assets under management. This acquisition is part of AGF's strategic imperative to grow its alternatives business, AGF Capital Partners. Additionally, AGF 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 under management and more than 17 years of experience providing institutional investors with absolute return investment strategies across the liquidity spectrum. These investments further grew AGF Capital Partners, adding absolute return-focused strategies and specialized credit investment capabilities.

AGF appointed Laura Dottori-Attanasio to the AGF Board of Directors, further enhancing and diversifying the Company's independent directors' collective experience and expertise. AGF Investments Inc. broadened its Canadian ETF offerings with the launch of ETF Series on long-running funds in key areas of focus for investors, including alternative assets and active fixed income. The launch built on AGF Investments Inc.'s commitment to provide investors with options to access capabilities in their preferred vehicles. 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 Investments Inc. was recognized with FundGrade A+® Awards for several funds, and AGF Global Select ADR Constrained Strategy was named the winner in the Global category at the SMArtX 2024 X Awards. AGF SAF Private Credit LP was the winner in the private debt category for best one year return at the 2024 Canadian Hedge Fund Awards. AGF Capital Partners Affiliate Manager Kensington was the winner in the private equity category for best five-year return for Kensington Private Equity Fund. AGF European Equity Class (Series F) won in the European Equity category at the 2024 LSEG Lipper Fund Awards.

Financial highlights for the quarter and year ended November 30, 2024, include adjusted EBITDA of $39.6 million and $166.4 million, respectively, compared to $27.6 million and $132.5 million in the prior year comparative period. Net management, advisory and administration fees were $83.6 million and $318.4 million, respectively, compared to $72.0 million and $294.4 million for the comparative prior year period. Adjusted revenue from AGF Capital Partners for the three months and year ended November 30, 2024, was $18.2 million and $72.9 million, respectively, compared to $3.9 million and $33.3 million for the comparative prior year period. The increase quarter over quarter and year over year were driven by higher fair value adjustments and the consolidation of KCP.

AGF's mutual fund gross sales were $993 million for the quarter compared to $1,012 million in the previous quarter and $687 million in the prior year quarter. Mutual fund net sales were $5 million compared to $14 million in the previous quarter and net redemptions of $224 million in the prior year quarter. This indicates a slight decrease in gross sales compared to the previous quarter but an increase compared to the prior year quarter. Net sales fluctuated, with a decrease in the fourth quarter compared to the previous quarter but a significant improvement from the prior year quarter, where there were net redemptions.

In conclusion, AGF Management Limited's strong financial results for the fourth quarter and fiscal year 2024 reflect the Company's strategic focus on diversifying its business across asset classes and client channels. By expanding its alternatives business, enhancing its ETF offerings, and strengthening its corporate governance, AGF has positioned itself to continue growing and driving returns for its shareholders. The Company's robust performance, as evidenced by its increased assets under management and fee-earning assets, as well as its numerous awards and recognitions, demonstrates the success of its strategic initiatives and the potential for future growth.