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Re: [Barry] AGF Management June 2007 Sales High Again
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AGF once again broke a record for sales reporting gross sales of long-term funds of $492.9 million for the month of June 2007. This represents the highest gross sales for any month of June in the history of the company. Net sales of long-term funds for the month ended June 30, 2007 were $172.2 million.
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($ millions) Assets at Gross Sales Redemptions Net Sales Net Sales
June 30/07 June 2007 June 2007 June 2007 June 2006
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Long-term
funds 30,013 492.9 320.7 172.2 (11.9)
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Money market 474 12.5 16.9 (4.4) (4.2)
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Total mutual
funds 30,487 505.4 337.6 167.8 (16.1)
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Institutional +
private client 24,310
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Total Assets 54,797
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Average daily mutual fund AUM for June 2007 were $30.7 billion. AGF institutional and private client AUM grew 73.6% to $24.3 billion up from $14.0 billion one year ago. Institutional and private client 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 private client were $54.8 billion up 45.7% from $37.6 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 June 30, 2007 were
$79.2 million.
AGF has worked diligently to provide tailored products to suit client needs. During the month of June, AGF announced the addition of a new Harmony Balanced Growth Portfolio made up of 60% equities and 40% fixed income, complementing its six other distinct Harmony portfolios.
AGF also looks for opportunities to offer investment management services to clients by working with business partners. Starting on June 11, 2007, advisors were able to purchase seven-year principal-protected notes, offered by CIBC, that are linked to the performance of the award-winning AGF International Stock Class. Building on the original series that closed earlier in June, the CIBC AGF International Stock Class Deposit Notes Series 2 provides conservative investors with access to international markets within the safety of principal-protected notes.
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Jul 6, 2007, 7:02 PM
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