AGF Management Ltd. today reported record financial results for the second quarter ended May 31, and historical highs for sales of mutual funds, reporting $0.9 billion of net sales of long-term funds during the second quarter of fiscal 2007.

Sales in June have also been strong with AGF recording $141.6 million in net sales as of the close of business on June 25.

“AGF has had another very strong quarter for financial results and business performance,” said Blake Goldring, chairman and CEO, AGF, in a news release.

In the second quarter of fiscal 2007, consolidated revenue from continuing operations rose to $204.9 million compared with $152.2 million in the second quarter of the prior year. Consolidated revenue in the quarter included an $8 million securitization gain (6¢ a share after tax) from the sale of RSP loans by AGF’s trust company operations segment.

Consolidated net income from continuing operations for the three months ended May 31, was up 128% to $49.1 million, 54¢ a share diluted, compared with $21.5 million, or 24¢ a share diluted for the same period last year. Not including the securitization gain, net income from continuing operations was up 104% in the second quarter of fiscal 2007 over the same quarter in 2006. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations were $98 million, compared with $64.6 million for the quarter ended May 31, 2006.

Total assets under management increased by 47.9%, rising to $55.8 billion at the end of the second quarter of 2007 from $37.7 billion as at May 31, 2006. Over the same period, institutional and private client assets grew 79.4% and mutual fund assets rose 29.2%. Institutional and private client assets are up due to investment performance, new mandates and the acquisition of Highstreet Partners Limited. The Highstreet acquisition, which closed on Dec. 1, 2006 added $4.8 billion in AUM. The trust company operations segment continued to grow significantly with total loan assets rising 75.2%.