Q1 2024 AGF Management Ltd Earnings Call Transcript
Key Points
- AUM and fee-earning assets reached $45 billion, up 7% from a year ago.
- Adjusted diluted EPS was $0.51 in the quarter, up 89% year-over-year.
- Declared a $0.115 per share dividend for Q1 2024, representing a 5% dividend increase.
- Mutual fund AUM increased 9% year-over-year, outpacing the industry.
- ETF and SMA AUM increased 20% year-over-year, showing strong growth and momentum.
- Received a redemption notice from an institutional client for $800 million due to a shift towards passive management.
- The Canadian mutual fund industry experienced net redemptions of approximately $4 billion in the quarter.
- AGF reported mutual fund net redemptions of $125 million in the quarter.
- 1-year mutual fund performance was in the 68th percentile, impacted by market narrowing.
- Adjusted SG&A for the quarter was $53.5 million, 5.5% higher than Q4 and 1.3% higher than the previous year.
Thank you for standing by, and welcome to the Q1 2024 AGF Management Limited Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to introduce your host for this conference call. Mr. Tsang, you may begin.
Thank you, operator, and good morning, everyone. I'm Ken Tsang, Chief Financial Officer of AGF Management Limited. Today, we will be discussing the financial results for the first quarter of fiscal 2024. Slides supporting today's call and webcast can be found in the Investor Relations section of agf.com.
Also speaking on the call today will be Kevin McCreadie, Chief Executive Officer and Chief Investment Officer. For the Q&A period following the presentation, Judy Goldring, President and Head of Global Distribution; and Ash Lawrence, Head of AGF Capital Partners, will also be available to address questions.
Turning to Slide 4. I'll provide the agenda for today's call. We will discuss highlights of the first quarter results for 2024
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