AGF Management Limited (AGF.B) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by, and welcome to the Q2 2025 AGF Management Limited Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Mr. Tseng. You may begin. Thank you, Operator, and good morning, everyone. I'm Ken Tsang, Chief Financial Officer of AJF Management Limited. Today, we will be discussing the financial results for the second quarter of fiscal 2025. Slides supporting today's call and webcast can be found in the investor relations section of AJF.com. Also speaking on the call today will be Kevin McCready, Chief Executive Officer and Chief Investment Officer. For the question and answer period following the presentation, Judy Goldring, President and Head of Global Distribution, and Ash Lawrence, Head of AGF Capital Partners, will also be available to address questions. Slide four provides the agenda for today's call. After the preferred remarks, we will be happy to take questions. With that, I will now turn the call over to Kevin. Thank you, Ken, and thank you everyone for joining us today. The second quarter of 2025 saw continued volatility as global markets grappled with the potential implications of ongoing trade wars. Despite the market volatility, Q2 was another strong quarter for AGF. I'll begin with some highlights. AUM and fee-earning assets were $53.5 billion at the end of Q2, up 12% from a year ago. Compared to Q1, our average AUM was down 3% due to the market volatility experienced throughout the quarter. AGF Investments' retail mutual fund busines...