AGF Reports September 2008 Mutual Fund Sales



    TORONTO, Oct. 2 /CNW/ - AGF Management Limited (AGF) reported total
fee-earning assets under management (AUM) of $43.2 billion as at September 30,
2008 compared to $48.7 billion the previous month. Gross sales of long-term
mutual funds were $189.9 million. Net redemptions of long-term mutual funds
were $158.0 million for the month ended September 30, 2008.
    "Unprecedented market volatility, exacerbated by the barrage of negative
news out of the United States, continued to depress industry mutual fund sales
and our assets under management in the month of September," said Blake C.
Goldring, chairman and chief executive officer, AGF Management Limited.

    
    -------------------------------------------------------------------------
                                     Gross
                      Assets at      Sales Redemptions  Net Sales  Net Sales
                      September  September  September   September  September
    ($ millions)          30/08       2008       2008        2008       2007
    -------------------------------------------------------------------------
    Long-term funds     $22,792     $189.9     $347.9     $(158.0)     $55.1
    -------------------------------------------------------------------------
    Money market            537       15.5       24.8        (9.3)      (2.3)
    -------------------------------------------------------------------------
    Total mutual funds  $23,329     $205.4     $372.7     $(167.3)     $52.8
    -------------------------------------------------------------------------
    Institutional and
     strategic accounts
     + High-net-worth    19,889
    ----------------------------
    Total Assets        $43,218
    ----------------------------
    

    Average daily mutual fund AUM for September 2008 was $24.7 billion. AGF
institutional, strategic and high-net-worth AUM declined 16.7% to
$19.9 billion, down from $23.9 billion at September 2007, primarily as a
result of market volatility.

    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 Asset Management Group services for institutional and
high-net-worth clients, as well as AGF Trust GICs, loans and mortgages. With
approximately $43 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, CA, Senior Vice-President and Chief
Financial Officer, (416) 865-4156, greg.henderson@AGF.com; Deirdre Neary,
Director, Investor Relations, (416) 815-6268, deirdre.neary@AGF.com; Media,
please contact: Lucy Becker, Vice-President, Corporate Communications, (416)
865-4284, lucy.becker@AGF.com


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