AGF

What AGF does

AGF Management Limited is an independent, publicly traded Canadian asset management firm founded in 1957 and headquartered at CIBC Square in Toronto, structured around three operating businesses: AGF Investments, which distributes mutual funds, ETFs (including the AGF Systematic quantitative family), and separately managed accounts to retail and institutional clients; AGF Capital Partners, a multi-boutique private markets business combining majority and joint-control stakes in Kensington Capital Partners (51%) and New Holland Capital (50%, increased May 2026), spanning private equity, credit, and multi-strategy alternatives; and AGF Private Wealth, which serves high-net-worth individuals through wholly owned subsidiaries Cypress Capital Management, Doherty & Associates, and Highstreet Asset Management. AGF reaches retail investors via a national network of financial advisors supported by seven regional sales offices across Canada and U.S. SMAs through turnkey platforms including Vestmark, SMArtX, and Envestnet, while institutional clients (pension plans, sovereign wealth funds, endowments, foundations) are served through dedicated institutional sales teams and regulated entities in Canada, the U.S. (SEC), Ireland (Central Bank of Ireland), and Australia (ASIC).

Revenue is generated predominantly through recurring management, advisory, and administration fees calculated as a percentage of assets under management ($75 billion AUM as of Q2 2026, up 40% year-over-year), supplemented by performance fees on alternative investment products and fees on fee-earning assets at AGF Capital Partners. The firm produces quarterly results including Q1 2026 revenue of C$120.3M and Q2 2026 adjusted EBITDA of $64M with $36.4M free cash flow (up 52% YoY). Distribution follows both sales-led advisor channels and direct institutional/private wealth relationships, while product expansion is increasingly channeled through ETF wrappers of legacy mutual fund strategies, with eight consecutive quarters of positive retail mutual fund net sales.

Name

AGF

Legal name

AGF Management Limited

Website

https://agf.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

501–1,000 employees

Short description

AGF Management Limited is an independent Toronto-based asset manager operating AGF Investments (mutual funds, ETFs, SMAs), AGF Capital Partners (private markets via Kensington and New Holland Capital), and AGF Private Wealth (HNW via Cypress, Doherty, Highstreet), serving 820,000+ retail, institutional, and HNW clients across North America and Europe with $75B AUM (Q2 2026).

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

akta.pro secondary industries

Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG), Managed Account / SMA Multi-Manager Platforms (FSANAGAL), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Small-Cap Equity (Active) (FSAAAIAC)

Keywords

• Asset management services
• Mutual fund management
• Private markets investments
• Wealth management solutions
• Exchange traded funds

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management and Advisory Fees: AGF earns management fees based on assets under management across its mutual funds, ETFs, institutional accounts, and private wealth platforms. Fees are calculated as a percentage of AUM and represent the primary revenue driver. The firm reported management, advisory, and administration fees of $103.0 million for Q4 2022 and $430.3 million for fiscal year 2022.
2. Performance Fees: AGF earns performance fees on certain alternative investment products, particularly in its private capital and private markets business through AGF Capital Partners. These fees are typically based on investment returns exceeding specified benchmarks.
3. Capital Partners Fee-Earning Assets: Fee-earning assets represent assets where AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers. The investment in New Holland Capital expanded AGF Capital Partners' AUM from $2.4 billion to $13.2 billion, significantly increasing fee revenue potential.
4. Administration Fees: Fees charged for fund administration services including record-keeping, compliance, and reporting services for investment products.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels9 records

Core offering

AGF Management Limited is an independent Canadian asset management firm that delivers investment solutions across public and private markets through three business lines: AGF Investments (mutual funds, ETFs, separately managed accounts distributed to retail and institutional clients), AGF Capital Partners (private markets and alternatives via affiliate managers), and AGF Private Wealth (discretionary wealth management for high-net-worth individuals). The firm manages over $75 billion in assets for institutional investors including pension plans, sovereign wealth funds, endowments, retail investors via financial advisors, and HNW individuals.

Differentiator

Problem solved

Functional benefit

Brands

• AGF Investments Inc. (AGFI): Portfolio manager registered across Canadian securities commissions
• AGF Investments LLC (AGFUS)
• AGF International Advisors Company Limited (AGFIA)
• Cypress Capital Management Ltd.
• Doherty & Associates Ltd.
• Highstreet Asset Management Inc.
• Kensington Capital Partners
• New Holland Capital

Products and services

• AGF Mutual Funds
• AGF ETF Series (Including AGF Systematic ETFs)
• AGF Enhanced U.S. Income Plus Fund ETF Series
• Separately Managed Accounts (SMAs)
• AGF Capital Partners (Private Markets)
• AGF Private Wealth Management
• Capitol Signals Newsletter
• Institutional Investment Management Services

Quantifiable outcome

• 40% year-over-year AUM growth to $75 billion in Q2 2026
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• New Holland Capital, LLCcoreStrategic or Co-development Partner · 29 May 2026New Holland Capital is a New York-based multi-strategy investment manager. AGF increased its economic ownership to 50% effective May 29, 2026, converting its existing convertible note to equity and making an additional $20.6 million USD investment. NHC has grown its AUM by 44% over two years, from $5.4 billion to $7.8 billion USD, and AGF Capital Partners' AUM increased from $2.4 billion to $13.2 billion following this investment. AGF expects the transaction to be modestly accretive to earnings.
• Kensington Capital Partners LimitedcoreStrategic or Co-development Partner · 8 March 2024AGF completed a strategic investment to acquire a majority stake (51%) in Kensington Capital Partners Limited for $45 million. Kensington is a leading Canadian alternative investment firm with $2.6 billion in assets. The investment aims to expand AGF's alternatives business, particularly private equity and credit strategies, and increase management and performance fee revenues. Kensington maintains operational independence while benefiting from AGF's resources and distribution capabilities.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• IG Wealth Management: Canadian wealth management division of IGM Financial serving affluent retail through advisor network, similar to AGF Private Wealth subsidiaries (Cypress, Doherty, Highstreet). Comparable high-net-worth client base and discretionary portfolio management services.
• Invesco Canada: Canadian arm of Invesco offering ETFs and mutual funds including quantitative strategies. Comparable for systematic/quantitative ETF offerings (vs. AGF Systematic) and retail advisor distribution.
• Mackenzie Investments: Major Canadian asset manager owned by IGM Financial, distributing mutual funds and ETFs through advisor networks. Comparable in product breadth, retail advisor distribution model, and Canadian institutional mandates to AGF Investments.
• Fidelity Investments Canada: Canadian subsidiary of Fidelity Investments offering mutual funds, ETFs, and institutional portfolio management. Directly comparable for retail mutual fund distribution and institutional separate accounts.
• CI Global Asset Management (CI Financial): One of Canada's largest independent asset managers offering mutual funds, ETFs, and alternative investments to retail and institutional clients. Directly comparable given overlapping product suite (mutual funds, ETFs, alts), Canadian retail distribution focus, and similar size range.

Broad incumbents

• BMO Global Asset Management: Asset management arm of Bank of Montreal, one of Canada's largest managers with extensive ETF (BMO ETFs) and mutual fund offerings. Larger incumbent with broader institutional reach but similar Canadian advisor distribution and public/private market capabilities.
• Manulife Investment Management: Global asset management arm of Manulife Financial with substantial Canadian retail and institutional businesses, including significant alternatives and private markets capabilities. Comparable for institutional mandates, retirement solutions, and multi-boutique structure.
• RBC Global Asset Management: Asset management arm of Royal Bank of Canada, the largest Canadian institutional money manager. Comparable for institutional mandates (pensions, endowments) and ETF offerings (RBC iShares equivalent), though substantially larger scale.
• 1832 Asset Management (Scotiabank): Asset management arm of Bank of Nova Scotia offering mutual funds, ETFs, and institutional portfolio management. Comparable for Canadian advisor-distributed mutual funds and institutional separate accounts in pension/endowment space.
• Brookfield Asset Management: Global alternatives-focused asset manager with significant private equity, real estate, and credit capabilities. Comparable to AGF Capital Partners' alternatives strategy and where Ash Lawrence (AGF Capital Partners Head) previously worked; relevant for private markets M&A benchmarks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/agf
• YouTubeyoutube.com/c/AGFManagementLtd
• Facebookfacebook.com/AGFInvestments
• LinkedInlinkedin.com/company/agf-management-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AGF