(March 28 – 14:50 ET) – AGF Management Ltd. is reporting record financial results for the first quarter ended February 28.

Cash flow from operations (before net change in non-cash balances related to operations) for the quarter grew to $76.3 million, or 82¢ a share fully diluted, compared with $52.8 million or 64¢ a share fully diluted for the first quarter last year, a gain of 44.4%. Consolidated revenue for the quarter grew 46.1% to $162.5 million, up from $111.3 million a year ago.

“AGF posted the strongest sales in our history during the recent RRSP season and led net sales across the industry, except for money market funds, over this key period,” said Blake Goldring, president and CEO, AGF Management Ltd. “Despite volatile markets, AGF has performed very strongly on all fronts.”

Consolidated net earnings after income taxes for the three months were $62.2 million or 67¢ a share fully diluted compared with $23.9 million or 29¢ per share fully diluted a year ago. AGF says results were positively impacted by a reduction in future income taxes million with the introduction of lower Canadian tax rates.

AGF mutual fund assets under management increased to $27.8 billion as of February 28, 2001, from $21.2 billion one year ago.

During the quarter, AGF increased its stake in NCL (Securities) Ltd, a U.K.-based high-net-worth investment firm, to 38.3%. AGF says it expects to further expand that stake to approximately 45% by April, 2002. “Our increased ownership of NCL highlights our focus on building capabilities in investment management and reinforces our drive to be a global company with a Canadian home,” said Goldring.

Effective December 1, 2000, AGF changed its method of accounting for income taxes from the deferral method to the liability method as required by Canadian accounting standards. The requirements were applied retroactively and the financial statements for the prior period have been restated.

In conjunction with today’s release of first quarter earnings, the company’s board of directors have declared a dividend of 5¢ a share on the company’s Class A and Class B shares.