TORONTO, Aug. 4 /CNW/ - AGF Management Limited reported total fee-earning assets under management (AUM) of $42.1 billion as at July 31, 2010, an increase of 5.3% from July 31, 2009.
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($ millions) Assets at Gross Sales Redemptions Net Sales Net Sales
July 31/10 July 2010 July 2010 July 2010 July 2009
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Long-term Funds $20,865 $153.3 $404.6 $ (251.3) $ (48.4)
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Money Market 423 8.4 18.9 (10.5) (12.0)
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Total Mutual Funds $21,288 $161.7 $423.5 $ (261.8) $ (60.4)
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Institutional and
Strategic Accounts
+ High-net-worth 20,802
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Total Assets $42,090
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Net redemptions of long-term mutual funds for the month ended July 31, 2010 were $251.3 million compared with long-term mutual fund net redemptions of $48.4 million in July 2009. Redemptions of long-term mutual funds in July 2010 included $140.5 million of redemptions related to a rebalance transaction by an institutional investor.
Average daily mutual fund AUM for July 2010 was $21.2 billion compared to $21.0 billion in July 2009. AGF institutional, strategic and high-net-worth AUM increased to $20.8 billion from $18.4 billion at July 2009 as a result of market appreciation and new mandates.
About AGF Management Limited
AGF Management Limited is one of Canada's premier investment solutions firms with offices across Canada and subsidiaries around the world. AGF's products and services include a diversified family of award-winning mutual funds, AGF Elements portfolios, the Harmony asset management program, services for institutional and private clients, as well as AGF Trust GICs, loans and mortgages. With approximately $42 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.
For further information: AGF Management Limited shareholders and analysts, please contact: Robert J. Bogart, CPA, Senior Vice-President and Chief Financial Officer, 416-865-4264, [email protected]; Deirdre Neary, Director, Investor Relations, 416-815-6268, [email protected]; Media, please contact: Lucy Becker, Vice-President, Public Relations and Public Affairs, 416-865-4284, [email protected]
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