AGF Sets Yet Another Record For Mutual Fund Sales In May



    May 2007 gross sales were highest for any May in company history

    TORONTO, June 4 /CNW/ - AGF Management Limited (AGF) continues to break
records as it today reports another milestone month of mutual fund sales. May
2007 gross sales were the highest and net sales were the second highest for
any month of May in the history of the company. Gross sales of long-term funds
were $652.8 million and net sales of long-term funds were $268.6 million for
the month ended May 31, 2007.
    "I am very pleased with the strength of our mutual fund business and
appreciate the confidence that advisors have shown in AGF," said Blake
Goldring, chairman and chief executive officer, AGF Management Limited, "At
AGF we are committed to providing strong products, delivering solid investment
performance and engaging our clients to ensure that we are meeting their
needs."

    
    -------------------------------------------------------------------------
    ($ millions)                    Gross
                      Assets at     Sales  Redemptions  Net Sales  Net Sales
                      May 31/07  May 2007     May 2007   May 2007   May 2006
    -------------------------------------------------------------------------
    Long-term funds      30,170     652.8        384.2      268.6       (2.9)
    -------------------------------------------------------------------------
    Money market            436      14.7         22.2       (7.5)      (8.1)
    -------------------------------------------------------------------------
    Total mutual funds   30,606     667.5        406.4      261.1      (11.0)
    -------------------------------------------------------------------------
    Institutional + PIM  25,163
    -------------------------------------------------------------------------
    Total Assets         55,769
    ----------------------------
    

    Average daily mutual fund AUM for May 2007 were $30.7 billion. AGF
private investment management (PIM) and institutional AUM grew 80.0% to
$25.2 billion up from $14.0 billion one year ago. PIM and institutional assets
are up due to investment performance, new mandates and the acquisition of 80%
of Highstreet Partners Limited. Total fee-earning AUM, including mutual funds,
institutional mandates and PIM, were $55.8 billion up 48.0% from $37.7 billion
for the same period last year.
    Sales of AGF's international funds remain strong as Canadians are
committing more investment dollars outside of Canada. Net sales of
international equity funds for the month ended May 31, 2007 were
$127.4 million. On April 26, 2007, AGF Funds Inc. announced that it would
increase the foreign content limits on seven equity funds. This change
provides a tool to gain greater access to the numerous attractive
opportunities abroad.
    AGF continually builds on the rigour and discipline of its investment
management process. This has resulted in impressive investment performance.
AGF had 88% of its assets above median for the 1-year period ending April 30,
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. 2007
marks AGF's 50th anniversary of providing Canadians with innovative investment
solutions across the wealth continuum. 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 Private Investment
Management, Institutional Account Services and AGF Trust GICs, loans and
mortgages. With approximately $56 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: Adrian Basaraba, Vice President, Finance and
Investor Relations, (416) 865-4203, adrian.basaraba@AGF.com; Media, please
contact: Lucy Becker, Vice President, Corporate Communications, (416)
865-4284, lucy.becker@AGF.com

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