AGF Reports December 2008 Mutual Fund Sales

    TORONTO, Jan. 5 /CNW/ - AGF Management Limited (AGF) reported total
fee-earning assets under management (AUM) of $35.8 billion as at December 31,
2008. Gross sales of long-term mutual funds were $192.9 million, and net
redemptions of long-term mutual funds were $97.3 million for the month ended
December 31, 2008.
    "History will mark 2008 as a year of extreme economic turmoil and global
market volatility that caused investors to stay out of the equity markets.
Investment management firms around the world were generally unable to escape
these phenomena," said Blake C. Goldring, chairman and chief executive
officer, AGF Management Limited. "We believe our commitment to our core
fundamentals and long-term strategy will continue to guide us through this
period of market and economic uncertainty."

                      Assets at      Sales Redemptions  Net Sales  Net Sales
                       December   December   December    December   December
    ($ millions)          31/08       2008       2008        2008       2007
    Long-term funds     $19,356     $192.9     $290.2     $ (97.3)      $3.7
    Money market            617       16.2       23.4        (7.2)      (4.5)
    Total mutual funds  $19,973     $209.1     $313.6     $(104.5)     $(0.8)
    Institutional and
     strategic accounts
     + High-net-worth    15,817
    Total Assets        $35,790

    Average daily mutual fund AUM for December 2008 was $19.3 billion. AGF
institutional, strategic and high-net-worth AUM declined to $15.8 billion from
$23.6 billion at December 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 $35.8 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,; Deirdre Neary,
Director, Investor Relations, (416) 815-6268,; Media,
please contact: Lucy Becker, Vice-President, Corporate Communications, (416)

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