NASDAQ OMX

AGF Management Limited Reports Strong Second Quarter 2017 Financial Results

28.6.2017 14:00 | NASDAQ OMX

Del

 

 

  • 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
NASDAQ OMX
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ OMX (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra NASDAQ OMX

Registrer deg med din epostadresse under for å få de nyeste sakene fra NASDAQ OMX på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra NASDAQ OMX

REG Celebrates Completion of Upgrade Project at Emden Biorefinery20.7.2017 19:46Pressemelding

EMDEN, Germany, July 20, 2017 (GLOBE NEWSWIRE) -- Renewable Energy Group, Inc. (NASDAQ:REGI) marked the completion of upgrades at its Emden, Germany biorefinery Wednesday with a ribbon cutting ceremony with government and community members. REG invested 2.5 million € for the installation of a new biodiesel distillation column and a thermal oil heater. "This investment is another milestone in REG's European strategy to be a leader in delivering high quality biofuels," said Jean Scemama, Vice President, REG Energy Europe.  "Within this strategy, Emden is positioned to perform well with deep water access to receive and deliver products by vessel and can now meet or exceed the highest quality standards required by our customers." "This project is a result of teamwork across REG's teams in Europe and the U.S." said Brad Albin, Vice President, Manufacturing.  "Upgrading Emden's distillation capability enables us to more effe

Constellation Brands Elects Susan Somersille Johnson of SunTrust Banks, Inc. to its Board of Directors20.7.2017 15:38Pressemelding

VICTOR, N.Y., July 20, 2017 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE:STZ) (NYSE:STZ.B), a leading beverage alcohol company, announced today that its board of directors increased the size of the board from 10 to 11 members. In addition, the board elected Susan Somersille Johnson, corporate executive vice president and chief marketing officer of SunTrust Banks, Inc., to serve as a member of the board, effective as of the close of business on July 18, 2017. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/dfad4ec0-c876-49e9-9ff4-bc9f803b7cb1 "We're pleased to welcome Susan to the board of directors," said Constellation's Chairman of the Board Richard Sands. "Susan's deep understanding of brand strategy and marketing, as well as her passion for technology, will make a great addition to Constellation as we continue to build on the existing strengths of our board and the compan

Appian Extends its Capabilities with a New Robotic Digital Workforce Offering20.7.2017 15:00Pressemelding

Appian RPA with Blue Prism Brings Together Leading Business Process Management, Low-Code Application Development, and Robotic Process Automation (RPA) RESTON, Va., July 20, 2017 (GLOBE NEWSWIRE) -- Appian, (NASDAQ:APPN), a leading global provider of low-code application development and BPM software, today announced the addition of Blue Prism's industry leading Robotic Process Automation (RPA) capabilities to its platform. The new product offering, Appian RPA with Blue Prism, brings together leading low-code application development, BPM, and robotic workforce software for the first time as an offering from a single vendor. This offering builds on an already well-established partnership while giving organizations a one-stop-shop for all their enterprise automation needs, especially those that require the highest levels of auditing, security and scalability. "Appian's platform is now extended with robotic process automation from Blue Prism," said Matt

Jennifer Powers to join Global Infrastructure Partners as a Partner and Chair of GIP's Credit Business19.7.2017 18:16Pressemelding

For Immediate Release New York, July 19, 2017 (GLOBE NEWSWIRE) -- Global Infrastructure Partners (GIP), the leading, independent global infrastructure investment firm, announced today that Jennifer Powers will join GIP in September as a Partner and Chair of GIP's Credit Business. Ms. Powers will work closely with GIP Partner Jon Bram and GIP CAPS Fund Managing Partners Reiner Boehning and Steve Cheng to build out and expand GIP's Credit Business into a market leader in providing financing for infrastructure assets and projects. Ms. Powers joins GIP from Mizuho Bank where she was co-head of Investment Grade Debt Capital Markets. Prior to Mizuho, she was a founding member of the Royal Bank of Scotland's Credit Markets Business. Ms. Powers also spent 12 years in the energy investment banking and capital markets departments of Credit Suisse. Ms. Powers has extensive experience in advising and financing clients in the energy and infr

Solar Street Lights Illuminate Bujumbura, Burundi19.7.2017 16:10Pressemelding

Solar Pioneer Gigawatt Global Expands its Green Energy Offerings in Africa "By expanding our investments from commercial scale projects to include off-grid additionally, we are positively impacting the lives of millions of people in Burundi and throughout Africa" -  Yosef I. Abramowitz, CEO, Gigawatt Global  BUJUMBURA, Burundi, July 19, 2017 (GLOBE NEWSWIRE) -- Downtown Bujumbura just got a little brighter, thanks to an innovative partnership between Mayor Freddy MBONIMPA and Gigawatt Global (http://GigawattGlobal.com), a founding member of United States Power Africa's Beyond the Grid program. [Access multimedia content here:  http://APO.af/ePScuQ/ http://APO.af/xxruhc/  http://APO.af/gdfypU/ http://APO.af/Xpw3uh ] This week solar-powered 'light islands' began appearing in the heavily-trafficked central bus station and

Datalliance Enhances Cloud-based Supply Chain Platform19.7.2017 15:00Pressemelding

Manufacturers of Consumer and Industrial Products gain Increased Replenishment Efficiency CINCINNATI, July 19, 2017 (GLOBE NEWSWIRE) -- Datalliance's latest update to its cloud-based Vendor Managed Inventory (VMI) platform makes it easier for manufacturers of consumer or industrial products to manage inventory replenishment for retailers and distributors. These enhancements - driven by feedback from its global user base and Datalliance's vision for the future of VMI - focus on making the user-experience even more flexible and intuitive. Because the Datalliance VMI platform is cloud-based, these upgrades are available for immediate use by Datalliance customers and their trading partners. Datalliance releases all platform-wide updates at no cost, and there's never a need to install or download software updates. This is the second of three major releases Datalliance plans for the year. Since Datalliance's founding, more than 50 releases have been delivered. Hig

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom