(January 27 – 14:45 ET) – AGF Management Limited are announcing record earnings for the fourth straight year. AGF attributes the results to strong investment performance, stringent cost controls, improved client service and increased brand awareness.

For the year ended November 30, 1999, consolidated net income was $61.7 million, up 26.5 per cent over last year, and $1.59 per share (basic), a gain of 25.2 per cent compared with 1998.

“We’re firing on all cylinders and seeing gains on all fronts, despite general weakness in the industry,” said Blake Goldring, president and chief operating officer, AGF Management Ltd. “We’ve enjoyed strong investment performance, attracted more financial advisors to our products and services, launched innovative products, and maintained one of the lowest redemption rates in the industry.”

Cash flow from operations , before net change in non-cash balances related to operations, was $165.9 million or $4.28 per share for the year, compared with $128.0 million in 1998, an increase of 29.7 per cent. Consolidated revenue for the year ended Nov. 30 was $356.7 million, up from $288.8 million last year, an increase of 23.5 per cent.

Mutual fund assets under management increased $3.95 billion during the year to $18.97 billion from $15.02 billion. At the same time, AGF’s market share of the Canadian mutual fund industry increased 48 basis points in 1999 from 4.72 per cent to 5.20 per cent.

Despite the slowest industry growth since 1995, AGF reached net sales of $2.06 billion in fiscal 1999, a 10.7 per cent share of net sales of the industry. Net sales for the AGF Group of Funds declined 6.6 per cent in fiscal 1999, outperforming the industry’s 47 per cent decline in net sales during the same period.
-IE Staff