- Reported quarterly adjusted diluted earnings per share of $0.45
- Total assets under management and fee-earning assets of $53.6 billion
- Declared quarterly dividend per share of 11.5 cents
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.
- 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.
- 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.
| Three months ended | Years ended | ||||||||||||||||||
| (in millions of Canadian dollars, except per share data) | November 30,2024 | August 31,2024 | November 30,2023 | November 30, 2024 | November 30,2023 | ||||||||||||||
| Revenues | |||||||||||||||||||
| Management, advisory and administration fees | $ | 120.2 | $ | 114.4 | $ | 104.2 | $ | 459.7 | $ | 428.2 | |||||||||
| Trailing commissions and investment advisory fees | (36.6 | ) | (35.7 | ) | (32.2 | ) | (141.3 | ) | (133.8 | ||||||||||
| Net management, advisory and administration fees2 | $ | 83.6 | $ | 78.7 | $ | 72.0 | $ | 318.4 | $ | 294.4 | |||||||||
| Deferred sales charges | 1.3 | 1.4 | 1.9 | 6.6 | 7.5 | ||||||||||||||
| Adjusted revenue from AGF Capital Partners2 | 18.2 | 18.5 | 3.9 | 72.9 | 33.3 | ||||||||||||||
| Other revenue2 | 2.7 | 1.2 | 0.5 | 7.8 | 2.9 | ||||||||||||||
| Total adjusted net revenue2 | 105.8 | 99.8 | 78.3 | 405.7 | 338.1 | ||||||||||||||
| Selling, general and administrative | 70.2 | 66.3 | 52.9 | 262.5 | 209.0 | ||||||||||||||
| Adjusted selling, general and administrative2 | 66.2 | 59.6 | 50.7 | 239.3 | 205.6 | ||||||||||||||
| EBITDA2 | 36.9 | 33.0 | 25.4 | 141.7 | 129.1 | ||||||||||||||
| Adjusted EBITDA2 | 39.6 | 40.2 | 27.6 | 166.4 | 132.5 | ||||||||||||||
| Net income - equity owners of the Company | 28.7 | 20.3 | 16.8 | 97.6 | 87.7 | ||||||||||||||
| Adjusted net income - equity owners of the Company | 29.8 | 24.5 | 18.5 | 111.6 | 90.3 | ||||||||||||||
| Diluted earnings per share | 0.43 | 0.30 | 0.25 | 1.46 | 1.30 | ||||||||||||||
| Adjusted diluted earnings per share | 0.45 | 0.37 | 0.28 | 1.67 | 1.34 | ||||||||||||||
| Free cash flow2 | 21.4 | 29.1 | 20.4 | 95.4 | 83.4 | ||||||||||||||
| Dividends per share | 0.115 | 0.115 | 0.110 | 0.455 | 0.430 | ||||||||||||||
| (end of period) | Three months ended | ||||||||||||||||
| Nov. 30, | Aug. 31, | May 31, | Feb. 28, | Nov. 30, | |||||||||||||
| (in millions of Canadian dollars) | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||
| 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 | $ | ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")});
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