AGF Reports January 2008 Mutual Fund Sales



    TORONTO, Feb. 4 /CNW/ - AGF Management Limited (AGF) reported gross sales
of long-term funds of $327.7 million and net redemptions of long-term funds of
$256.0 million for the month ended January 31, 2008. Mutual fund redemptions
for the month included redemptions of $101.8 million related to the
rebalancing of Principal Protected Notes and the internalization of a
portfolio by a third party. Total mutual fund assets under management (AUM)
were $27.7 billion as at January 31, 2008.
    "January sales of long-term funds were slow as market volatility
continued and investors remained cautious," said Blake C. Goldring, Chairman
and Chief Executive Officer, AGF Management Limited. "We are committed to
remaining focused on our long-term fundamentals and long-term objectives
during these times of market uncertainty as this will position us well for
future success."

    
    -------------------------------------------------------------------------
    ($ millions)   Assets at  Gross Sales  Redemptions  Net Sales  Net Sales
                     January      January      January    January    January
                       31/08         2008         2008       2008       2007
    -------------------------------------------------------------------------
    Long-term
     funds            27,246        327.7        583.7     (256.0)     326.3
    -------------------------------------------------------------------------
    Money market         461         20.2         24.2       (4.0)      (5.8)
    -------------------------------------------------------------------------
    Total mutual
     funds            27,707        347.9        607.9     (260.0)     320.5
    -------------------------------------------------------------------------
    Institutional
     + private
     client           21,490
    -------------------------------------------------------------------------
    Total Assets      49,197
    -------------------------
    

    Average daily mutual fund AUM for January 2008 were $28.5 billion, a
4.4% decline from the December 2007 average AUM of $29.8 billion. AGF
institutional and private client AUM declined 6.1% to $21.5 billion, down from
$22.9 billion one year ago, with approximately half of the decline due to
market volatility and the remainder attributable to client rebalancing and
redemptions, which were non-performance related. Total fee-earning AUM,
including mutual funds, institutional and private client, were $49.2 billion,
down 4.1% from $51.3 billion at January 31, 2007.

    About AGF Management Limited

    AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of more than 50 mutual
funds, the evolutionary AGF Elements portfolios, the Harmony asset management
program, AGF Institutional Account Services, private client products, and AGF
Trust GICs, loans and mortgages. With over $49 billion in total assets under
management, AGF serves more than one million investors. AGF trades on the
Toronto Stock Exchange under the symbol "AGF.B".





For further information:

For further information: AGF Management Limited shareholders and
analysts, please contact: Greg Henderson, Senior Vice-President and Chief
Financial Officer, (416) 865-4156, greg.henderson@AGF.com; Media, please
contact: Lucy Becker, Vice-President, Corporate Communications, (416)
865-4284, lucy.becker@AGF.com

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