Latest news with #AGFManagement
Bloomberg
04-07-2025
- Business
- Bloomberg
AGF Seeks Stability With Goldring Taking Over After CEO's Death
Analysts are mourning the sudden death of Kevin McCreadie, AGF Management Ltd. 's chief executive officer, and praised the asset manager for swiftly enacting its succession plan. President Judy Goldring assumed the CEO role on Thursday, which should ensure continuity at the firm, Jefferies analyst Aria Samarzadeh wrote in a note. Goldring has extensive experience in the organization and is 'well known and respected by the Street,' he said. The Goldring family controls AGF.
Globe and Mail
03-07-2025
- Business
- Globe and Mail
AGF CEO Kevin McCreadie dies at age 64
AGF Management Ltd. AGF-B-T announced chief executive officer Kevin McCreadie has died and the asset manager named Judy Goldring, its president, as the new CEO. On Thursday, AGF said Mr. McCreadie, aged 64, died suddenly. He joined the Toronto-based company 11 years ago from a U.S. bank and shifted AGF's strategy from equity and fixed income funds into alternative assets such as infrastructure and private equity. In addition to serving as CEO, he was AGF's chief investment officer. 'The entire AGF team is devastated by the loss of Kevin, our colleague and leader,' said Blake Goldring, AGF's executive chairman, in a press release. 'His impact on our organization – and the people within it – has been profound and will be lasting.' AGF is one of the country's largest independent fund managers, overseeing $53-billion of client assets. Over the past five years, AGF's share price rose by 158 per cent as Mr. McCreadie's diversification strategy attracted clients and boosted profits. Mr. McCreadie was the first CEO at AGF from outside the Goldring family. Warren Goldring co-founded the company in 1957 and served as CEO until 2000, when Blake Goldring took the reins. AGF recruited Mr. McCreadie in 2014, when he was CEO of PNC Capital Advisors, LLC, a division of Pittsburg-based bank PNC Financial Services Group. Judy Goldring joined AGF in 1998 as general counsel and held a series of executive roles prior to becoming president and head of global distribution in 2020. 'We have full confidence in Judy's ability to lead the firm given her profile, vision and demonstrated leadership skills,' said Blake Goldring. 'She has the full support of the AGF team and our board of directors.' Judy Goldring is also chair of the board of directors at the Securities Investment and Management Association, an industry group formerly known as IFIC.
CTV News
03-07-2025
- Business
- CTV News
AGF Management says CEO Kevin McCreadie has died, Judy Goldring named successor
The logo of AGF Management Ltd. is shown. THE CANADIAN PRESS/Handout - AGF Management Ltd. (Mandatory Credit) TORONTO — Investment firm AGF Management Ltd. says Kevin McCreadie, the firm's chief executive officer and chief investment officer, has died. He was 64. AGF executive chairman Blake Goldring says the company was devastated by the loss and that McCreadie's impact on the organization was profound and will be lasting. The company say McCreadie will be remembered for his passion for investment management and his focus on developing and nurturing talent for the future. AGF named Judy Goldring, AGF's president and head of global distribution, as CEO, effective immediately. Judy Goldring joined AGF in 1998 as general counsel and has held several roles with increasing responsibility across the firm. AGF has over $53 billion in total assets under management and fee-earning assets for more than 815,000 investors. This report by The Canadian Press was first published July 3, 2025.
Yahoo
26-06-2025
- Business
- Yahoo
AGF Management Ltd (AGFMF) Q2 2025 Earnings Call Highlights: Strong AUM Growth Amid Market ...
AUM and Fee Earning Assets: $53.5 billion at the end of Q2, up 12% year-over-year. Mutual Fund AUM: $31 billion, up 15% year-over-year. SMA and ETF AUM: Increased 54% year-over-year to $2.8 billion. Adjusted Diluted EPS: $0.39 for the quarter. Net Sales in Retail Mutual Fund Business: $65 million for the quarter. Adjusted EBITDA: $40 million, $8 million lower than Q1, $3 million higher than the prior year. SG&A Expenses: $60 million, $4 million lower than Q1. Adjusted Net Income: $26 million for the quarter. Free Cash Flow: $24 million for the quarter. Dividend Declared: $0.125 per share for Q2 2025. Net Debt: $50 million with $166 million available on the credit facility. Share Buybacks: 237,000 shares repurchased for approximately $2.4 million. Warning! GuruFocus has detected 2 Warning Signs with NG. Release Date: June 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. AGF Management Ltd (AGFMF) reported a 12% year-over-year increase in AUM and fee-earning assets, reaching $53.5 billion. The company's SMA and ETF business saw a significant 54% year-over-year growth in AUM, reaching $2.8 billion. AGF Investments' retail mutual fund business outpaced the Canadian mutual fund industry with net sales of $65 million in the quarter. The company was recognized as the Mutual Fund Provider of the Year at the 2025 Wealth Professional Awards, highlighting its innovative product lineup. AGF Management Ltd (AGFMF) declared a $0.125 per share dividend for Q2 2025, demonstrating a commitment to returning capital to shareholders. Average AUM was down 3% compared to Q1 due to market volatility. Adjusted EBITDA for the quarter was $40 million, $8 million lower than Q1, primarily due to an outsized long-term investment gain in Q1. Free cash flows for the quarter were $24 million, down $8 million from Q1, mainly due to higher distribution income in the previous quarter. Net management fees were $1 million lower than the prior quarter, reflecting market volatility and shifts in asset allocation. The company experienced a decrease in adjusted revenue from AGF Capital Partners by $9 million compared to the previous quarter, due to outsized revenues from long-term investments in Q1. Q: Given the volatile markets in recent months, have you observed similar trends in your net flows, and which funds are seeing more momentum? A: Judy Goldring, President and Head of Global Distribution, noted that AGF saw similar trends as the industry, with $65 million in net sales for retail, marking the fourth consecutive quarter of positive retail sales. The Global Select and American growth mandates, along with the European equity mandate, have been key areas of interest. As of June, the momentum is essentially flat. Q: How does the new US proposed rule section [899] regarding taxing dividends impact your US equity funds and strategies? A: Ken Tsang, CFO, explained that while the bill's passage remains uncertain, AGF's exposure is relatively muted due to their global fund nature and growth-oriented focus. Kevin McCreadie, CEO, added that AGF's minimal fixed income component further reduces potential impact. Q: There was a noticeable increase in buybacks this quarter. What are your thoughts on future buyback activity and capital allocation priorities? A: Kevin McCreadie, CEO, stated that AGF maintains a balanced capital approach, recently focusing on growth investments. With a conservative dividend payout ratio, AGF may accelerate share repurchases, especially given the current industry pipeline. Q: Can you elaborate on the lower management fees and how they fit into your basis point decline guidance? A: Ken Tsang, CFO, mentioned that the decline in management fees is partly due to outsized success fees from the previous year. The shift towards fee-based channels and growth in ETFs and SMAs, which have lower management fees but minimal marginal costs, has contributed to this trend. Q: Why is severance consistently stripped out of SG&A adjustments, and when will adjusted SG&A not include these expenses? A: Kevin McCreadie, CEO, explained that severance is part of disciplined expense management and is not expected to disappear. Ken Tsang, CFO, added that severance is not a normal course item but varies with business operations. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Globe and Mail
25-06-2025
- Business
- Globe and Mail
AGF Management Limited Declares Second Quarter 2025 Dividend
TORONTO, June 25, 2025 (GLOBE NEWSWIRE) -- On June 24, 2025, the Board of Directors of AGF Management Limited declared a dividend of 12.5 cents per share on both the Class B Non-Voting shares and the Class A Voting common shares of the company. This dividend will be payable on July 17, 2025 to shareholders of record on July 3, 2025. About AGF Management Limited Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth. AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm's collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations. Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
