AGF Reports May 2010 Mutual Fund Sales

TORONTO, June 2 /CNW/ - AGF Management Limited (AGF) reported total fee-earning assets under management (AUM) of $42.9 billion as at May 31, 2010, an increase of 14.6% from May 31, 2009.

    
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    ($ millions)     Assets  Gross Sales  Redemptions   Net Sales  Net Sales
                     at May     May 2010     May 2010    May 2010   May 2009
                      31/10
    -------------------------------------------------------------------------
    Long-term
     Funds          $20,948       $157.3       $349.4    $ (192.1)   $ (27.8)
    -------------------------------------------------------------------------
    Money Market        426          5.1         17.3       (12.2)     (14.1)
    -------------------------------------------------------------------------
    Total Mutual
     Funds          $21,374       $162.4       $366.7    $ (204.3)   $ (41.9)
    -------------------------------------------------------------------------
    Institutional
     and Strategic
     Accounts +
     High-net-worth  21,519
    ------------------------
    Total Assets    $42,893
    ------------------------
    

Net redemptions of long-term mutual funds were $192.1 million for the month ended May 31, 2010 compared with long-term mutual fund net redemptions of $27.8 million in May 2009.

Average daily mutual fund AUM for May 2010 increased to $21.6 billion compared to $20.8 billion in May 2009 as a result of market appreciation. AGF institutional, strategic and high-net-worth AUM increased to $21.5 billion from $16.5 billion at May 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 $43 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, [phone], [email protected]; Deirdre Neary, Director, Investor Relations, [phone], [email protected]; Media, please contact: Lucy Becker, Vice-President, Public Relations and Public Affairs, [phone], [email protected]