AGF Reports July 2010 Mutual Fund Sales

TORONTO, Aug. 4 /CNW/ - AGF Management Limited reported total fee-earning assets under management (AUM) of $42.1 billion as at July 31, 2010, an increase of 5.3% from July 31, 2009.

    
    -------------------------------------------------------------------------
    ($ millions)    Assets at  Gross Sales  Redemptions  Net Sales  Net Sales
                   July 31/10  July 2010    July 2010    July 2010  July 2009
    -------------------------------------------------------------------------
    Long-term Funds     $20,865    $153.3      $404.6     $ (251.3)  $ (48.4)
    -------------------------------------------------------------------------
    Money Market            423       8.4        18.9        (10.5)    (12.0)
    -------------------------------------------------------------------------
    Total Mutual Funds  $21,288    $161.7      $423.5     $ (261.8)  $ (60.4)
    -------------------------------------------------------------------------
    Institutional and
    Strategic Accounts
    + High-net-worth     20,802
    ----------------------------
    Total Assets        $42,090
    ----------------------------
    

Net redemptions of long-term mutual funds for the month ended July 31, 2010 were $251.3 million compared with long-term mutual fund net redemptions of $48.4 million in July 2009. Redemptions of long-term mutual funds in July 2010 included $140.5 million of redemptions related to a rebalance transaction by an institutional investor.

Average daily mutual fund AUM for July 2010 was $21.2 billion compared to $21.0 billion in July 2009. AGF institutional, strategic and high-net-worth AUM increased to $20.8 billion from $18.4 billion at July 2009 as a result of market appreciation and new mandates.

About AGF Management Limited

AGF Management Limited is one of Canada's premier investment solutions firms with offices across Canada and subsidiaries around the world. AGF's products and services include a diversified family of award-winning mutual funds, AGF Elements portfolios, the Harmony asset management program, services for institutional and private clients, as well as AGF Trust GICs, loans and mortgages. With approximately $42 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.

SOURCE AGF

For further information: For further information: AGF Management Limited shareholders and analysts, please contact: Robert J. Bogart, CPA, Senior Vice-President and Chief Financial Officer, 416-865-4264, bob.bogart@agf.com; Deirdre Neary, Director, Investor Relations, 416-815-6268, deirdre.neary@agf.com; Media, please contact: Lucy Becker, Vice-President, Public Relations and Public Affairs, 416-865-4284, lucy.becker@agf.com


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