AGF Management, with assets under management totaling approximately CAD 75 billion, emphasized a strategic pivot toward alternatives as a driver of future growth at Scotiabank’s 27th Annual Financials Summit on September 10, 2026. The firm’s Chief Executive Officer, Judy Goldring, who joined AGF in 1998, outlined a vehicle-agnostic approach to product distribution, ensuring flexibility for advisors seeking alternative investment vehicles. This strategy aligns with a 5-year target of expanding alternatives to represent 30% of total AUM, up from 20% as of 2026, with a current allocation of CAD 15 billion in AGF Capital Partners Alternatives.
AGF’s Canadian retail mutual funds sector, valued at about CAD 37 billion to CAD 39 billion, has sustained eight consecutive quarters of net positive sales, while ETFs and separate mandates (SMAs) account for roughly CAD 4.5 billion. Private wealth assets stand at approximately CAD 10 billion, and U.S. long-only assets total between CAD 2.5 billion and CAD 3 billion, distributed across 10 platforms including SMArtX, AssetMark, Envestnet, Pershing, and Merrill.
Financial performance reflects strong operational efficiency. EBITDA margins have expanded to around 35% from 23% in 2022, and EBITDA as a percentage of AUM sits at about 25%—nearly double the industry average of roughly 10%. Free cash flow for 2026 is estimated at CAD 135 million, with capital allocation prioritizing share buybacks (up to CAD 60 million annually), dividends (around CAD 35 million annually), and strategic acquisitions. The firm’s share repurchase program allows for up to 3 million shares, with quarterly buybacks scaling from about 1 million to 2 million shares.
Dividend policy remains robust, with a current yield of 2.75% and a track record of 53 consecutive dividend payments. AGF is set to meet the requirements for the S&P/TSX Canadian Dividend Aristocrats Index in January 2027. Stock performance over the past year delivered a 58% return, though trading at CAD 19.50, down 3.70% from the prior close. Infrastructure investments, totaling CAD 431 million, are maturing over the next 24 to 36 months, with AGF’s own capital deployed in 12-year infrastructure funds now at the 10-year mark.
In alternatives, AGF has expanded since 2014, with a focus on private credit, infrastructure, and real estate. Current holdings include a private credit firm in Calgary, Kensington private equity (acquired in March 2025), NHC hedge fund, and a small venture fund. Target M&A targets range from CAD 2 billion to CAD 10 billion in AUM, emphasizing retention of manager talent through minority stakes (typically 24.9% initially, increasing to 50% or two-thirds over time).
AI adoption has accelerated across the organization. Microsoft Copilot has been deployed to 400 employees, saving an estimated one day of work per employee per month, while CoWork (Claude and ChatGPT) tools are used by 120 employees. John Porter, the new Chief Investment Officer, highlighted AI’s role in supporting fundamental analysis and investment workflows.
Goldring emphasized operating leverage, noting SG&A costs as a percent of net revenue rose from 23% in 2022 to 35% in 2026. She stressed the need for disciplined SG&A management while maintaining growth through alternatives and efficiency gains.
