AGF Management Limited Announces Change To Board of Directors

TORONTO, May 1, 2013 /CNW/ - AGF Management Limited (AGF) announced today that Ian O. Ihnatowycz has advised AGF that he is stepping down from his position on AGF's Board of Directors, effective May 7, 2013, in order to pursue other opportunities.

"I've really enjoyed working with the members of AGF's board since the purchase of Acuity over two years ago.  I'm proud of the organization we've built and the progress we've made," said Ian Ihnatowycz.

"Ian has been a very involved and passionate member of the Board," said Blake C. Goldring, AGF's Chairman and Chief Executive Officer. "Ian's leadership and guidance through the integration of Acuity has been invaluable.  I wish him all the best in the future."

Ian Ihnatowycz is the President and CEO of First Generation Capital Inc., a private investment holding company. Formerly President and Chief Executive Officer of Acuity Investment Management Inc. and Acuity Funds Ltd., Mr. Ihnatowycz founded Acuity in 1990 to provide discretionary asset management for pension, foundation and private clients as well as mutual and pooled funds. Acuity was acquired by AGF in 2011. Ian has served on the boards of numerous not-for-profit and professional organizations and private companies.  He is currently a member of the Board of Directors of Zymeworks Inc., Myca Health Inc. and the Royal Conservatory of Music, is Chair of the Royal Conservatory Council, and a member of the Ivey Advisory Board, the Ian O. Ihnatowycz Institute for Leadership Advisory Board of the Ivey Business School, Western University and a member of the Investment Advisory Committee of Imperial Capital Acquisition Fund V.  Mr. Ihnatowycz has recently received an Honourary Doctor of Laws degree from Western University.

About AGF Management Limited

AGF Management Limited is one of Canada's premier independent investment management firms with offices across Canada and subsidiaries around the world. AGF's products include a diversified family of award-winning mutual funds, mutual fund wrap programs and pooled funds. AGF also manages assets on behalf of institutional investors including pension plans, foundations and endowments as well as for private clients. With over $38 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders and analysts, please contact:

Robert J. Bogart
Executive Vice-President and Chief Financial Officer
416-865-4264, [email protected]

Michael Clabby
Vice-President, Corporate Development
416-815-6275, [email protected]

Caution Regarding Forward-Looking Statements
This release includes forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes' or negative versions thereof and similar expressions, or future or conditional verbs such as 'may,' 'will,' 'should,' 'would' and 'could.' Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, economic factors, business prospects, business performance and opportunities. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements due to, but not limited to, important risk factors such as level of assets under management, volume of sales and redemptions of investment products, performance of investment funds and of investment managers and advisors, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as interest and foreign-exchange rates, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, and the company's ability to complete strategic transactions and integrate acquisitions. The company cautions that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Forward-looking statements are given only as at the date of this release and other than specifically required by applicable laws, the company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. Additional risks and uncertainties can be found in our MD&A for the fiscal year ended November 30, 2012 under the headings "Caution Regarding Forward-Looking Statements" and "Risk Factors and Management of Risk" and in our other filings with Canadian securities regulatory authorities.

SOURCE: AGF Management Limited

AGF Management Limited shareholders and analysts, please contact:

Robert J. Bogart
Executive Vice-President and Chief Financial Officer
416-865-4264, [email protected]

Michael Clabby
Vice-President, Corporate Development
416-815-6275, [email protected]