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AGF the highest gross sales ever february 2007
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AGF the highest gross sales and net sales for any month in the history of the company. Gross sales of long-term funds were $948.1 million and net sales of long-term
funds were $548.6 million for the month ended February 28, 2007.
($ millions) Assets at Gross Sales Redemptions Net Sales Net Sales
February February February February February
28/07 2007 2007 2007 2006
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Long-term funds $28,368 $948.1 $399.5 $548.6 $52.9
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Money market 430 16.0 25.0 (9.0) (23.9)
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Total mutual
funds $28,798 $964.1 $424.5 $539.6 $29.0
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Institutional
+ PIM 22,929
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Total Assets $51,727
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Average daily mutual fund AUM for February 2007 were $29.0 billion.
AGF manages its product shelf proactively, with an aim to ensure there is sufficient product breadth to satisfy changing client needs. Recently, AGF has emphasized international investing because Canadians are committing more investment dollars outside of Canada. Increased sales of international funds accounted for the majority of the improvement in AGF's January net sales results. Net sales of international equity funds for the month ended February 28, 2007 were $223.5 million, versus net redemptions of $50.7 million reported in the same month last year.
AGF private investment management (PIM) and institutional AUM grew 70.9% to $22.9 billion up from $13.4 billion one year ago. PIM and institutional 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 PIM, were $51.7 billion up 40.1% from $36.9 billion for the same period last year.
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