AGF reports July 2008 mutual fund sales

    TORONTO, Aug. 5 /CNW/ - AGF Management Limited (AGF) reported total
fee-earning assets under management (AUM) of $48.0 billion as at July 31,
2008. Gross sales of long-term mutual funds were $196.0 million. Net
redemptions of long-term mutual funds were $128.3 million for the month ended
July 31, 2008.
    "Market volatility continues to impact gross sales of long-term mutual
funds for the mutual fund industry. On a positive note, our redemptions have
remained relatively flat on a year-over-year basis, indicating that clients
are committed to keeping invested funds in the market," said Blake C.
Goldring, chairman and chief executive officer, AGF Management Limited. "At
AGF, we are strongly committed to meeting the needs of our clients and remain
confident in our long-term fundamentals and objectives and the opportunities

                   Assets at  Gross Sales  Redemptions  Net Sales  Net Sales
    ($ millions)  July 31/08   July 31/08    July 2008  July 2008  July 2007
    Long-term funds  $25,732       $196.0       $324.3    $(128.3)    $137.0
    Money market         516         16.1         19.6       (3.5)       3.3
    Total mutual
     funds           $26,248       $212.1       $343.9    $(131.8)    $140.3
     and strategic
     accounts +
     High-net-worth   21,737
    Total Assets     $47,985

    Average daily mutual fund AUM for July 2008 was $26.2 billion. AGF
institutional, strategic and high-net-worth AUM declined 10.0% to
$21.7 billion, down from $24.1 billion at July 2007, primarily as a result of
market volatility, as well as client rebalancing and redemptions which were
non-performance related, offset by new institutional mandates.

    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 $48 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,; Media, please
contact: Lucy Becker, Vice-President, Corporate Communications, (416)

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