AGF Reports January 2009 Mutual Fund Sales

    TORONTO, Feb. 3 /CNW/ - AGF Management Limited (AGF) reported gross sales
of long-term mutual funds of $161.8 million, and net redemptions of long-term
mutual funds were $53.0 million for the month ended January 31, 2009. Total
fee-earning assets under management (AUM) were $33.7 billion as at January 31,
    "We are encouraged that total redemptions in January were at their lowest
level for any month since July 2001 signalling that AGF is well positioned for
when the markets rebound," said Blake C. Goldring, Chairman and Chief
Executive Officer, AGF Management Limited. "These results are a positive sign
that clients are listening to their advisors, focusing on the long-term and
looking for growth opportunities. Our commitment to our clients, core
fundamentals and long-term strategy will continue to guide us through these
extraordinary times."

    ($ millions)  Assets at  Gross Sales  Redemptions  Net Sales   Net Sales
                  January    January      January      January     January
                  31/09      2009         2009         2009        2008
     Funds          $18,318      $161.8      $214.8     $ (53.0)    $(256.0)
    Money Market        608        15.3        30.1       (14.8)       (4.0)
    Total Mutual
     Funds          $18,926      $177.1      $244.9      $(67.8)    $(260.0)
     and Strategic
     Accounts +
     High-net-worth  14,820
    Total Assets    $33,746

    Average daily mutual fund AUM for January 2009 was $19.5 billion. AGF
institutional, strategic and high-net-worth AUM declined to $14.8 billion from
$21.5 billion at January 2008, 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 $33.7 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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