Q4 2025 AGF Management Ltd Earnings Call Transcript
Key Points
- AGF Management Ltd (AGFMF) reported a 13% increase in AUM and fee-earning assets, surpassing $60 billion by the end of Q4 2025.
- Retail mutual fund net sales outpaced the Canadian mutual fund industry, with $282 million in net sales for Q4 and nearly $1 billion for the full year.
- ETFs and SMA AUM grew by 63% year-over-year, reaching $4 billion.
- Adjusted EBITDA for the year was $186 million, a 12% increase from the previous year.
- AGF Management Ltd (AGFMF) was recognized as one of Greater Toronto's top employers for 2026, marking its second time receiving this award.
- AGF Management Ltd (AGFMF) faced a $700 million redemption from an institutional client due to a government-mandated change in investment oversight.
- The Kensington Private Equity Fund suspended redemptions, impacting financials with a 10 basis points concession on the fee base.
- Adjusted SG&A expenses exceeded guidance, reaching $252 million due to higher performance-based compensation.
- The company is still in search of a permanent Chief Investment Officer, with the process ongoing since August/September.
- Institutional AUM faced a $500 million redemption, expected to be completed by the end of January 2026.
Thank you for standing by. Welcome to the fourth-quarter 2025 AGF Management Limited earnings conference call. (Operator Instructions) As a reminder, this call 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 Singh, Chief Financial Officer of AGF Management Limited. Today, we will be discussing the financial results for the fourth-quarter and fiscal year 2025. Slides supporting today's call and webcast 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 Q&A 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. With that, I will now turn the call over to
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