AGF Reports December 2009 Mutual Fund Sales

TORONTO , Jan. 5 /CNW/ - AGF Management Limited (AGF) reported total fee-earning assets under management (AUM) of $45.0 billion as at December 31, 2009 , an increase of 25.8% from December 31, 2008 .

    
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    ($ millions)   Assets at  Gross Sales  Redemptions  Net Sales  Net Sales
                   December   December     December     December   December
                   31/09      2009         2009         2009       2008
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    Long-term
    Funds            $22,381       $212.9       $305.5     $(92.6)    $(97.3)
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    Money Market         452          8.7         19.5      (10.8)      (7.2)
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    Total Mutual
    Funds            $22,833       $221.6       $325.0    $(103.4)   $(104.5)
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    Institutional
    and Strategic
    Accounts +
    High-net-worth    22,177
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    Total Assets     $45,010
    ------------------------
    

Net redemptions of long-term mutual funds were $92.6 million , which included $10.3 million of redemptions related to rebalancing by institutional investors, for the month ended December 31, 2009 . This compares with long-term mutual fund net redemptions of $97.3 million for the month ended December 31, 2008 , which included gross sales of $30.6 million related to rebalancing by institutional investors. Excluding these rebalance transactions, net redemptions of long-term mutual funds were $82.3 million in December 2009 compared with net redemptions of long-term mutual funds of $127.9 million in December 2008 thereby showing an improving trend in net redemptions of long-term mutual funds on a year-over-year basis.

Average daily mutual fund AUM for December 2009 increased to $22.8 billion compared to $19.3 billion in December 2008 as a result of market appreciation. AGF institutional, strategic and high-net-worth AUM increased to $22.2 billion from $15.8 billion at December 2008 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 $45.0 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: AGF Management Limited shareholders and analysts, please contact: Greg Henderson, CA, Senior Vice-President and Chief Financial Officer, [phone], [email protected]; Deirdre Neary, Director, Investor Relations, [phone], [email protected]; Media, please contact: Lucy Becker, Vice-President, Public Relations and Public Affairs, [phone], [email protected]