Q3 2024 AGF Management Ltd Earnings Call Transcript
Key Points
- AGF Management Ltd (AGFMF) reported an 18% increase in AUM and fee-earning assets, reaching $49.7 billion.
- Adjusted diluted EPS for the quarter was $0.37.
- The company declared an 11.5% share dividend for Q3 2024.
- Mutual fund AUM increased by 15% year-over-year, outpacing the industry growth of 13%.
- AGF Capital Partners AUM and fee-earning assets rose to $4.9 billion, driven by the Kensington transaction.
- Segregated accounts and sub-advisory AUM decreased by 9% compared to the prior year due to a redemption from an institutional client.
- Net management fees were flat compared to Q2, excluding performance fees and timing of certain fund costs.
- Adjusted SG&A decreased by only $0.4 million from Q2 to Q3 2024.
- The net management fee yield decreased by 4 basis points from the previous quarter.
- Performance fees and carried interest can vary significantly due to the subdued private equity market.
Thank you for standing by, and welcome to the Q3 2024 AGF Management Limited earnings conference call. (Operator Instructions) As reminder, this conference is being recorded.
I would now like to introduce your host for today's conference, Mr. 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 2024. Slides supporting today's call and webcast can be found in the investor relations section of agf.com.
Also speaking on the call will be Kevin McCreadie, Chief Executive Officer and Chief Investment Officer. For the Q&A period following the presentation, Judy Goldring, President and Head of Global Distribution; and Ash Lawrence, Head of AGF Capital Partners 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. With
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