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.
AGF reported total assets under management and
fee-earning assets1 of $53.6 billion compared
to $49.7 billion as at August 31, 2024 and $42.2 billion
as at November 30, 2023.
“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,”
said Kevin McCreadie, Chief Executive Officer and Chief Investment
Officer, AGF. “This year saw us make significant progress against
our strategic imperatives.”
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.
“Looking ahead to 2025, our strong balance sheet
will allow us to continue investing in key areas of growth to drive
returns for our shareholders, including the further buildout of AGF
Capital Partners, our multi-boutique alternatives business,” added
McCreadie.
1 Fee-earning assets represents assets in which
AGF has carried interest ownership and earns recurring fees but
does not have ownership interest in the managers.
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, as part of AGF’s strategic imperative to grow its
alternatives business, AGF Capital Partners.
- 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. This transaction further
grew AGF Capital Partners, AGF’s alternatives business with the
addition of absolute return-focused strategies and specialized
credit investment capabilities.
- AGF appointed Laura
Dottori-Attanasio to the AGF Board of Directors. Ms.
Dottori-Attanasio is a renowned business leader with deep expertise
in the financial sector and a track record of success across
industries. This appointment further enhanced and diversified AGF’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.
Award Wins
- AGF Investments Inc. was recognized
with FundGrade A+® Awards for AGF American Growth Fund/Class, AGF
Global Select Fund, AGF Fixed Income Plus Fund and AGF Global
Convertible Bond Fund.
- AGF Global Select ADR Constrained
Strategy was named the winner in the Global category at the SMArtX
2024 X Awards and AGF U.S. Large Cap Growth Equity Strategy was
named a finalist in the Large Cap category.
- 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:
- Adjusted EBITDA2 for the three
months and year ended November 30, 2024 was $39.6 million and
$166.4 million, compared to $27.6 million and $132.5 million in the
prior year comparative period.
- Net management, advisory and
administration fees2 were $83.6 million and $318.4 million for the
three months and year ended November 30, 2024, 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, 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 KCPL financial results.
Revenue from AGF Capital Partners can be variable quarter to
quarter and can be impacted by fair value adjustments, timing of
monetizations and cash distributions as well as performance fees
and carried interest.
- Adjusted selling, general and
administrative costs2 were $66.2 million and $239.3 million for the
three months and year ended November 30, 2024, compared to $50.7
million and $205.6 million for the comparative prior year period.
The increase quarter over quarter and year over year were driven by
higher performance-based compensation and the market environment,
as well as the consolidation of KCPL financial results.
- Adjusted net income attributable to
equity owners2 was $29.8 million ($0.45 adjusted diluted EPS) and
$111.6 million ($1.67 adjusted diluted EPS) for the three months
and year ended November 30, 2024, compared to $18.5 million ($0.28
adjusted diluted EPS) and $90.3 million ($1.34 adjusted diluted
EPS) for the comparative prior year period.
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Three months
ended |
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Years ended |
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(in millions of
Canadian dollars, except per share data) |
November 30,2024 |
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August 31,2024 |
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November 30,2023 |
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November 30, 2024 |
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November 30,2023 |
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Revenues |
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Management, advisory and administration fees |
$ |
120.2 |
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$ |
114.4 |
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$ |
104.2 |
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$ |
459.7 |
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$ |
428.2 |
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Trailing commissions and investment advisory fees |
|
(36.6 |
) |
|
|
(35.7 |
) |
|
|
(32.2 |
) |
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|
(141.3 |
) |
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|
(133.8 |
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Net management, advisory and administration fees2 |
$ |
83.6 |
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|
$ |
78.7 |
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$ |
72.0 |
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$ |
318.4 |
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|
$ |
294.4 |
|
Deferred sales charges |
|
1.3 |
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|
1.4 |
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1.9 |
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6.6 |
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7.5 |
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Adjusted revenue from AGF Capital Partners2 |
|
18.2 |
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18.5 |
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|
3.9 |
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72.9 |
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33.3 |
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Other revenue2 |
|
2.7 |
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|
1.2 |
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0.5 |
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7.8 |
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|
2.9 |
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Total adjusted net revenue2 |
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105.8 |
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|
99.8 |
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78.3 |
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405.7 |
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338.1 |
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Selling, general and
administrative |
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70.2 |
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66.3 |
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52.9 |
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262.5 |
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209.0 |
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Adjusted selling, general and
administrative2 |
|
66.2 |
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|
59.6 |
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50.7 |
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239.3 |
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205.6 |
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EBITDA2 |
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36.9 |
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33.0 |
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25.4 |
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141.7 |
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129.1 |
|
Adjusted EBITDA2 |
|
39.6 |
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40.2 |
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27.6 |
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166.4 |
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132.5 |
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Net income - equity owners of
the Company |
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28.7 |
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20.3 |
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16.8 |
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97.6 |
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87.7 |
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Adjusted net income - equity
owners of the Company |
|
29.8 |
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24.5 |
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18.5 |
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111.6 |
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90.3 |
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Diluted earnings per
share |
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0.43 |
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0.30 |
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0.25 |
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1.46 |
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1.30 |
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Adjusted diluted earnings per
share |
|
0.45 |
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|
0.37 |
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|
0.28 |
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|
1.67 |
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|
1.34 |
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Free cash flow2 |
|
21.4 |
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|
29.1 |
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|
20.4 |
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|
95.4 |
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|
83.4 |
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Dividends per share |
|
0.115 |
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|
0.115 |
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|
0.110 |
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|
0.455 |
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|
0.430 |
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(end of period) |
Three months ended |
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Nov. 30, |
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Aug. 31, |
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May 31, |
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Feb. 28, |
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Nov. 30, |
|
(in
millions of Canadian dollars) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
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|
2024 |
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|
2023 |
|
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Mutual fund assets under management (AUM)3 |
$ |
30,662 |
|
$ |
28,104 |
|
$ |
26,961 |
|
|
$ |
26,186 |
|
|
$ |
24,459 |
|
ETFs and SMA AUM |
|
2,537 |
|
|
2,128 |
|
|
1,800 |
|
|
|
1,676 |
|
|
|
1,465 |
|
Segregated accounts and sub-advisory AUM |
|
6,977 |
|
|
6,430 |
|
|
6,313 |
|
|
|
7,162 |
|
|
|
6,774 |
|
Total AGF Investments AUM |
|
40,176 |
|
|
36,662 |
|
|
35,074 |
|
|
|
35,024 |
|
|
|
32,698 |
|
AGF Private Wealth AUM |
|
8,567 |
|
|
8,186 |
|
|
8,026 |
|
|
|
7,836 |
|
|
|
7,341 |
|
AGF
Capital Partners AUM |
|
2,752 |
|
|
2,774 |
|
|
2,663 |
|
|
|
48 |
|
|
|
46 |
|
Total AUM |
$ |
51,495 |
|
$ |
47,622 |
|
$ |
45,763 |
|
|
$ |
42,908 |
|
|
$ |
40,085 |
|
AGF
Capital Partners fee-earning assets4 |
|
2,111 |
|
|
2,080 |
|
|
2,081 |
|
|
|
2,104 |
|
|
|
2,095 |
|
Total AUM and fee-earning
assets4 |
$ |
53,606 |
|
$ |
49,702 |
|
$ |
47,844 |
|
|
$ |
45,012 |
|
|
$ |
42,180 |
|
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|
|
|
|
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|
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|
Net mutual fund sales
(redemptions)3 |
|
5 |
|
|
14 |
|
|
(112 |
) |
|
|
(125 |
) |
|
|
(224 |
) |
Average
daily mutual fund AUM3 |
|
29,173 |
|
|
27,542 |
|
|
26,604 |
|
|
|
25,197 |
|
|
|
23,840 |
|
2 Net management, advisory and administration
fees, adjusted revenue from AGF Capital Partners, total net
revenue, adjusted selling, general and administrative, EBITDA,
adjusted EBITDA, adjusted net income, 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.3 Mutual fund AUM includes retail AUM and
institutional client AUM invested in customized series offered
within mutual funds.4 Fee-earning assets represents assets in which
AGF has carried interest ownership and earns recurring fees but
does not have ownership interest in the managers.
For further information and detailed financial
statements for the fourth quarter and year ended November 30, 2024,
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.sedarplus.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 https://edge.media-server.com/mmc/p/d4cifa7f.
Alternatively, the call can be accessed over the phone
by registering here or in the Investor Relations section
of AGF’s website at www.agf.com, to receive the dial-in
numbers and unique PIN.
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
an independent and globally diverse asset management firm. Our
companies deliver excellence in investing in the public and private
markets through three business lines: AGF Investments, AGF Capital
Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on
incorporating sound, responsible and sustainable corporate
practices. The firm’s collective investment expertise, driven by
its fundamental, quantitative and private investing capabilities,
extends globally to a wide range of clients, from financial
advisors and their clients to high-net worth and institutional
investors including pension plans, corporate plans, sovereign
wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has
investment operations and client servicing teams on the ground in
North America and Europe. With nearly $53 billion in total assets
under management and fee-earning assets, AGF serves more than
815,000 investors. AGF trades on the Toronto Stock Exchange under
the symbol AGF.B.
About AGF Investments
AGF Investments is a group of wholly owned
subsidiaries of AGF Management Limited, a Canadian reporting
issuer. The subsidiaries included in AGF Investments are AGF
Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF
Investments LLC (AGFUS) and AGF International Advisors Company
Limited (AGFIA). The term AGF Investments may refer to one or more
of these subsidiaries or to all of them jointly. This term is used
for convenience and does not precisely describe any of the separate
companies, each of which manages its own affairs. AGF Investments
entities only provide investment advisory services or offers
investment funds in the jurisdiction where such firm and/or product
is registered or authorized to provide such services.
About AGF Capital Partners
AGF Capital Partners is AGF’s multi-boutique
alternatives business with diverse capabilities across both private
assets and alternative strategies. Clients benefit from the
specialized investment expertise of Affiliate Managers combined
with the organizational support and breadth of resources of AGF
Management Limited (AGF). With over 18 years average
experience, AGF Capital Partners Affiliate
Managers including, Kensington Capital Partners Limited,
New Holland Capital, LLC and AGF SAF Private Credit, manage
approximately C$13.3 billion* in alternative AUM and fee
earning assets on behalf of institutional and retail clients.
Affiliate Manager AUM may not be consolidated into AGF Management
Limited's reported AUM.
*US AUM converted FX rate at November 30, 2024
(1.41)
The term ‘Affiliate Manager’ refers to any
partner regardless of relationship structures or revenue sharing
agreements. The form of AGF’s structured partnership interests in
Affiliate Managers differs from Affiliate Manager to Affiliate
Manager. The structure of the relationship with a particular
Affiliate Manager, or the revenue that AGF agrees to share in, may
change. Affiliate Managers only provide investment advisory
services or offer products in the jurisdiction where such firm,
individuals and/or product is registered or authorized to provide
such services.
Commissions, trailing commissions, management
fees and expenses all may be associated with investment fund
investments. Please read the prospectus before investing.
Investment funds are not guaranteed, their values change
frequently, and past performance may not be repeated.
AGF Management Limited shareholders,
analysts and media, please contact:
Ken TsangChief Financial
Officer416-865-4338, InvestorRelations@agf.com
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, the possible effects of war or terrorist
activities, outbreaks of disease or illness that affect local,
national or international economies, natural disasters and
disruptions to public infrastructure, such as transportation,
communications, power or water supply or other 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 2024 Annual
MD&A.
LSEG Lipper Fund Awards
Canada
LSEG Lipper Fund Awards Canada 2024 Winner, AGF
European Equity Class (F Series), Best European Equity Fund Over 3
years out of a classification total of 20 funds, for the period
ending July 31, 2024.
The corresponding Lipper Leader ratings of the
Fund for the period ending July 31, 2024 are as follows: N/A (one
year), 5 (three years), 4 (five years), 1 (ten years). The
fund’s most recent month-end performance is shown in the Net Annual
Returns section on AGF European Equity Class Series MF | Product
Details | AGF.com.
The LSEG Lipper Fund Awards, granted annually,
highlight funds and fund companies that have excelled in delivering
consistently strong risk-adjusted performance relative to their
peers. The LSEG Lipper Fund Awards are based on the Lipper Leader
for Consistent Return rating, which is an objective, quantitative,
risk-adjusted performance measure calculated over 36, 60 and 120
months. The fund with the highest Lipper Leader for Consistent
Return (Effective Return) value in each eligible classification
wins the LSEG Lipper Fund Award. The highest 20% of funds in each
classification are named Lipper Leaders for Consistent Return and
receive a rating of 5; the next 20% receive a rating of 4; the
middle 20% are rated 3; the next 20% are rated 2; and the lowest
20% are rated 1. Lipper Leader ratings are subject to change every
month. For more information, see lipperfundawards.com.
Although LSEG Lipper makes reasonable efforts to ensure the
accuracy and reliability of the data used to calculate the awards,
their accuracy is not guaranteed.
About the Fundata FundGrade A+
Rating
FundGrade A+® is used with permission from
Fundata Canada Inc., all rights reserved. The annual FundGrade A+®
Awards are presented by Fundata Canada Inc. to recognize the “best
of the best” among Canadian investment funds. The FundGrade A+®
calculation is supplemental to the monthly FundGrade ratings and is
calculated at the end of each calendar year. The FundGrade rating
system evaluates funds based on their risk-adjusted performance,
measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The
score for each ratio is calculated individually, covering all time
periods from 2 to 10 years. The scores are then weighted equally in
calculating a monthly FundGrade. The top 10% of funds earn an A
Grade; the next 20% of funds earn a B Grade; the next 40% of funds
earn a C Grade; the next 20% of funds receive a D Grade; and the
lowest 10% of funds receive an E Grade. To be eligible, a fund must
have received a FundGrade rating every month in the previous year.
The FundGrade A+® uses a GPA-style calculation, where each monthly
FundGrade from “A” to “E” receives a score from 4 to 0,
respectively. A fund’s average score for the year determines its
GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade
A+® Award. For more information, see www.FundGradeAwards.com.
Although Fundata makes every effort to ensure the accuracy and
reliability of the data contained herein, the accuracy is not
guaranteed by Fundata.
AGF American Growth Class won in the U.S. Equity
CIFSC Category, out of 794 funds.AGF American Growth Fund won in
the U.S. Equity CIFSC Category, out of 794 funds.AGF Fixed Income
Plus Fund won in the Canadian Fixed Income CIFSC Category, out of
311 funds.AGF Global Convertible Bond Fund won in the High Yield
Fixed Income CIFSC Category, out of 161 funds. AGF Global Select
Fund won in the Global Equity CIFSC Category, out of 1095 funds.The
FundGrade A+ start date was 1/31/2014 and the FundGrade A+ end date
was 12/31/2023.
2024 Canadian Hedge Fund
Awards
The 2024 Canadian Hedge Fund Awards (CHFA) were
awarded in November 2024 and determined on an entirely quantitative
process, based on solely on performance data to June 30, 2024,
collected and tabulated by Fundata. Eligibility requirements for
hedge funds to be considered for a CHFA are that the fund must be
domiciled in Canada, must have a track record of at least 1 year to
June 30th, must have a minimum of $10 million in AUM and must be in
Canadian dollars. The Private Debt category included credit
focused hedge funds in which the majority of the underlying
securities are not marked-to-market and must be structured as a
mutual fund trust or LP and trade on FundServ. The Private Equity
category include equity focused hedge funds in which the majority
of the underlying securities are not marked-to-market. Funds must
be structured as a mutual fund trust or LP and trade on FundServ.
Awards, rankings, and other forms of recognition are not indicative
of the Fund’s future performance.
SMArtX Awards Criteria and
Methodology
Candidates for the Awards are derived from the
SMArtX Select List, which ranks asset managers using a proprietary
quantitative screening based on a robust four-step methodology:
- Ability to generate alpha compared
to the strategy peer group benchmark
- Favorable risk-adjusted returns
that emphasize positive skew
- Effective downside and tail-risk
management
- Consistent return generation
The Awards calculations add an additional metric
to this existing quantitative screening, namely performance
exclusive to the full previous year. This year, 30 eligible
strategies competed with winners ultimately chosen across 10
categories. These categories are grouped by market capitalization,
geographic focus, and investment type.
AGF Investments America Inc.’s (AGFA) AGF Global
Select ADR Constrained Strategy was awarded SMARTX’s X award in the
Global category on May 29, 2024. The award was a based on the
SMARTX methodology above for the 2023 calendar year. AGFA’s AGF
U.S. Large Cap Growth Equity Strategy was also a finalist in the
Large Cap category.
AGFA did not pay or provide compensation for the
SMArtX 2024 X Award ranking or to be included in the eligible
strategies list.
AGF Management (TSX:AGF.B)
過去 株価チャート
から 1 2025 まで 2 2025
AGF Management (TSX:AGF.B)
過去 株価チャート
から 2 2024 まで 2 2025