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AGF positive net sales long term funds 2006 q4
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AGF reported positive net sales of long term funds of $182.9 million for the month ended December 31, 2006. In the same month last year, AGF reported net redemptions of $47.2 million. Gross sales of long term funds for the month ended December 31, 2006 were $471.4 million, which represents an increase of 79.2% over the $263.0 million reported in the same month last year.
AGF has been successful in its product management, emphasizing international investing at a time when Canadians are beginning to commit more investment dollars outside of Canada. Increased sales of international funds accounted for the majority of the improvement in AGF's December net sales results. Net sales of international equity funds for the month ended December 31, 2006 were $83.3 million, versus net redemptions of $65.5 million reported in the same month last year.
AGF private investment management (PIM) and institutional AUM grew 74.2% to $21.6 billion up from $12.4 billion one year ago. PIM and institutional assets are up due to investment performance, new mandates and the acquisition of Highstreet Partners Limited. The Highstreet acquisition, which closed in December 1, 2006 added $4.8 billion in AUM. Total fee-earning AUM, including mutual funds, institutional mandates and AGF PIM, were $49.3 billion up 40.1% from $35.2 billion for the same period last year.
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econmod
Broker
Jan 13, 2007, 6:34 PM
Post #1 of 1
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