AGF Management (AGF) Scotiabank’s 27th Annual Financials Summit summary

Transformation and growth journey

• Transitioned from a traditional Canadian mutual fund manager to a global asset manager with CAD 75 billion AUM, diversified across mutual funds, ETFs, SMAs, private wealth, and alternatives.

• Revenue streams and asset base have been diversified, with a focus on U.S. growth and penetration of new channels and geographies.

• Eight consecutive quarters of net positive sales in Canadian retail mutual funds, with expansion in the U.S. SMA channel.

Industry trends and strategic response

• Regulatory changes, increased focus on alternatives, and AI adoption are reshaping the asset management industry.

• Adopted a vehicle-agnostic strategy, offering mandates in mutual funds, SMAs, and ETFs to meet advisor and client preferences.

• Alternatives and high net worth channels are key growth areas, with Canadian exposure to alternatives lagging U.S. and institutional levels.

• AI is being integrated across the organization, with productivity gains observed from tools like Copilot and CoWork.

Strategic priorities and operating environment

• Key priorities include expanding AGF Capital Partners, growing U.S. SMA presence, and integrating AI for operational efficiency.

• Focused on platform penetration in the U.S. via SMA vehicles, avoiding CITs and mutual funds for operational efficiency.

• Maintains a strong balance sheet with low debt, enabling flexibility to respond to market volatility and support growth.

• Launched new liquid alts and enhanced yield products to address varying market conditions and investor needs.