(January 31 – 15:30 ET) – AGF Management Ltd. has posted record earnings and cash flow from operations for the fifth straight year.

For the year ended November 30, 2000, consolidated net income was $87.9 million, up 42.4% over last year, and $1.12 a share, a gain of 40% compared with 1999.

Cash flow from operations (before net change in non-cash balances related to operations) was $215.4 million or $2.75 a share for the year, compared with $165.9 million in 1999, an increase of 29.8%.

Consolidated revenue for the year ended November 30, 2000, was $508.7 million, up from $356.7 million last year, an increase of 42.6%.

Mutual fund assets under management increased 52.4% during the year to $28.90 billion from $18.97 billion. Total assets under management by AGF now exceed $34 billion.

“These are extraordinary results especially when viewed against the backdrop of volatile markets, an increasingly competitive environment, and integration costs provided for in connection with the acquisition of Global Strategy,” said Blake Goldring, president and CEO AGF Management Ltd.

Over the year, AGF posted record net sales of $2.48 billion, a 20.5% increase over last year, and reported one of the industry’s lowest redemption rates. “We have a committed and growing team of financial advisors who sell our products and services,” said Goldring. “And AGF continues to differentiate itself with strong investment performance, a distinctive brand, and broad distribution channels.”
-IE Staff