AGF Management Limited (AGF) reported total fee-earning assets under management (AUM) of $51.4 billion as at April 30, 2008. Gross sales of long-term mutual funds were $273.7 million and net redemptions of long-term mutual funds were $117.6 million for the month ended April 30, 2008. Total mutual fund AUM were $28.6 billion as at April 30, 2008, up 2.2% from March 31, 2008.
“Our mutual fund AUM increased to $28.6 billion at the end of April 2008 as a result of market appreciation. Although market conditions have improved, investors continue to remain cautious. We anticipate that future reduced market volatility will result in renewed investor confidence and we believe that AGF is well positioned for future success,” said Blake C. Goldring, chairman and chief executive officer, AGF Management Limited. “At AGF, we remain strongly committed to working with our clients focusing on our long-term fundamentals and objectives during these times of market uncertainty.”
| ($ millions) | Assets at april 30/08 | Gross Sales
april 2008 | Redemptions
april 2008 | Net Sales
april 2008 | Net Sales
april 2007 |
| Long-term funds | $28,157 | $273.7 | $391.3 | $(117.6) | $246.3 |
| Money market | 485 | 14.8 | 24.7 | (9.9) | (5.8) |
| Total mutual funds | $28,642 | $288.5 | $416.0 | $(127.5) | $240.5 |
| Institutional + high-net-worth | 22,793 | | | | |
| Total Assets | $51,435 | | | | |
Average daily mutual fund AUM for April 2008 was $28.7 billion, a 4.7% increase from the March 2008 average of $27.4 billion. AGF institutional and high-net-worth AUM declined 8.1% to $22.8 billion, down from $24.8 billion one year ago, with approximately half of the decline due to market volatility and the remainder due to client rebalancing and redemptions, which were non-performance related.
About AGF Management Limited
AGF Management Limited is one of Canada’s premier investment management companies with offices across Canada and subsidiaries around the world. AGF’s products and services include a diversified family of more than 50 mutual funds, the evolutionary AGF Elements portfolios, the Harmony asset management program, AGF Asset Management Group services for institutional and high-net-worth clients, as well as AGF Trust GICs, loans and mortgages. With over $51 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.
AGF Management Limited shareholders and analysts, please contact:
Greg Henderson, CA
Senior Vice-President and Chief Financial Officer
416-865-4156
greg.henderson@AGF.com
Media, please contact:
Lucy Becker
Vice President, Corporate Communications
416-865-4284
lucy.becker@AGF.com
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