AGF Management announces Q2 financial results
Mutual fund industry sales declined 82% for the period March to May 2019 as compared to 2018. The firm’s retail mutual funds net redemptions were $169 million for the quarter, adjusting for net flows from institutional clients invested in mutual funds, compared to net sales of $85 million in the year prior. Reported mutual funds net redemptions were $498 million for the quarter, compared to net sales of $100 million in the second quarter of 2018.
Income for the three months ended May 31, 2019 was $109.8 million, compared to $114.2 million for the three months ended May 31, 2018. Earnings before interest, tax, depreciation and amortization (EBITDA) and before commissions from continuing operations was $29.2 million for the three months ended May 31, 2019, compared to $20.6 million for the same period in 2018. Adjusting for one-time items in prior year, EBITDA before commissions from continuing operations was $29.2 million for the three months ended May 31, 2019, compared to $25.8 million in 2018.
“In today’s uncertain markets, we understand that it is important to consider various investment styles and approaches in order to achieve long-term performance and manage volatility,” said Kevin McCreadie, chief executive officer and chief investment officer of AGF. “At the same time, we are taking a different approach to building our business with continued investment in our capabilities where strong growth is anticipated – global, alternatives, factor-based investing and ETFs. “This quarter, we launched two new US-listed AGFiQ ETFs reinforcing our commitment to providing US investors with alternative solutions, while strategically growing AGF’s footprint in key markets like the US.”