Q3 2025 AGF Management Ltd Earnings Call Transcript
Key Points
- AGF Management Ltd (AGFMF) reported a 14% year-over-year increase in AUM and fee-earning assets, reaching $56.8 billion.
- The company achieved net sales of $262 million in retail mutual funds, outpacing the Canadian mutual fund industry.
- Adjusted diluted EPS increased by 18% from the previous quarter, reaching $0.46.
- AGF Management Ltd (AGFMF) maintained a strong balance sheet with $432 million in short- and long-term investments and $186 million remaining on its credit facility.
- The company's European subsidiary was accepted as a signatory to the UK Stewardship Code, highlighting its commitment to best practices in investment stewardship.
- The sudden passing of former CEO and CIO Kevin McCreadie marked a significant loss for the company.
- AGF Management Ltd (AGFMF) received a redemption notice from an institutional client for $500 million, driven by the client's shift toward passive management.
- SG&A expenses increased by $2 million from both the previous quarter and the same time last year, primarily due to higher performance-based compensation.
- Revenues from AGF Capital Partners decreased compared to the prior year due to elevated recurring manager earnings and carried interest income in Q3 of 2024.
- The company is undergoing a global search for a permanent CIO, indicating a period of transition in its leadership team.
Thank you for standing by, and welcome to the Q3 2025 AGF Management Limited earnings conference call.
(Operator Instructions)
As a reminder, this call is being recorded. I'd like to introduce your host for today's conference, Mr. Ken Tsang, you may begin.
Thank you, operator, and good morning everyone. I'm Ken Tsang, Chief Financial Officer of AGF Management Limited.
Today we will be discussing the financial results for the third quarter of fiscal 2025. Slides supporting today's call and webcasts can be found in the Investor Relations section of agf.com.
Also speaking on the call today will be Judy Goldring, Chief Executive Officer.
For the question-and-answer period following the presentation, Ash Lawrence, Head of AGF Capital Partners and David Stonehouse, Interim Chief Investment Officer, will also be available to address questions.
Slide 4 provides the agenda for today's call. After the prepared remarks, we will be happy to take questions.
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