AGF Management Ltd
TSX:AGF.B
AGF Management Ltd
AGF Management Ltd. is a diversified global asset management firm. The company is headquartered in Toronto, Ontario and currently employs 631 full-time employees. The firm provides investment solutions to a range of clients, from individual investors and financial advisors to institutions, including pension plans, corporate plans, sovereign wealth funds and endowments and foundations. Its principal subsidiaries provide investment management for mutual funds, factor-based exchange-traded funds (ETF), institutions and corporations, as well as high-net-worth clients. The company conducts the management and distribution of mutual funds and ETFs in Canada under the brand names AGF, Elements, and AGFiQ, which are known by AGF Investments. Its wholly owned subsidiary AGF CustomerFirst Inc. (AGFC) provides fund administration services to the AGF mutual funds. The company also has an ownership interest in AGFWave Asset Management Inc. (AGFWave), which provides asset management services and products in China and South Korea.
AGF Management Ltd. is a diversified global asset management firm. The company is headquartered in Toronto, Ontario and currently employs 631 full-time employees. The firm provides investment solutions to a range of clients, from individual investors and financial advisors to institutions, including pension plans, corporate plans, sovereign wealth funds and endowments and foundations. Its principal subsidiaries provide investment management for mutual funds, factor-based exchange-traded funds (ETF), institutions and corporations, as well as high-net-worth clients. The company conducts the management and distribution of mutual funds and ETFs in Canada under the brand names AGF, Elements, and AGFiQ, which are known by AGF Investments. Its wholly owned subsidiary AGF CustomerFirst Inc. (AGFC) provides fund administration services to the AGF mutual funds. The company also has an ownership interest in AGFWave Asset Management Inc. (AGFWave), which provides asset management services and products in China and South Korea.
AUM Growth: Assets under management and fee-earning assets reached $41.2 billion, up 2% from Q2 2022, showing resilience despite challenging markets.
Strong Mutual Fund Sales: Achieved 11th consecutive quarter of positive Canadian mutual fund net sales with $77 million in net inflows, despite industry-wide outflows.
EPS & EBITDA Surge: Diluted EPS jumped to $0.45, up from $0.26 in Q1 and $0.14 last year. EBITDA before commissions rose 58% sequentially and 21% year-over-year, reaching $42.8 million.
Private Capital Performance: AGF Private Capital contributed $18 million in EBITDA, boosted by valuation gains and monetizations, with year-over-year AUM doubling in the market-neutral anti-beta strategy.
Revised SG&A Guidance: 2023 SG&A guidance raised to $206 million due to higher incentive compensation and inflation, up from the previously estimated $202 million.
Strong Capital Position: Over $80 million in trailing 12-month free cash flow, $20 million cash, $266 million in investments, and $130 million available on credit facility.
Dividend Declared: Board declared a quarterly dividend of $0.11 per share.
