Survey Projects Demand for Business School Graduates to Rebound in Post-Pandemic Era

9 in 10 corporate recruiters bullish on MBA hiring and salary premium fueled by technology sector growth

RESTON, Va., June 30, 2021 (GLOBE NEWSWIRE) — The Graduate Management Admission Council™ (GMAC™), a global association of leading graduate business schools, today released its annual 2021 Corporate Recruiters Survey. The report found that corporate recruiters project a robust demand for business school graduates, with nine in ten of them expecting it to increase or remain stable in the next five years. In addition, a higher proportion of recruiters in 2021 (37%) expect the demand to increase than that in the previous year (30%), with more than half of the European recruiters (54%) sharing such a view compared to their Asian (32%) and American (34%) counterparts.

“In a little more than a decade, the proportion of surveyed recruiters planning to hire MBA graduates has grown significantly, a trend especially notable in Europe, where the percentage jumped from 44 percent in 2010 to nearly twice as much (86%) in 2021, and in the United States, where it grew from 56 percent to 94 percent, a 68 percent increase,” said Sangeet Chowfla, president and CEO of GMAC. “As corporations recover from the pandemic and rebuild their workforces, it is no surprise that business school graduates ― with their leadership and managerial skills in high demand ― are specially strengthened in their value proposition as an employee and uniquely positioned to meet today’s economic challenges.”

Key Findings

MBA salary and hiring are expected to return to pre-pandemic levels

In 2020, the projected MBA median salary reached an all-time high of $115,000 before COVID-19 severely disrupted the global economy and caused it to drop down to $105,000 three months into the pandemic. However, the median MBA salary for 2021 is projected to recover to its pre-pandemic 2020 level of $115,000. At this rate, the median salary of MBA graduates is 77 percent more than those with a bachelor’s degree ($65,000) and 53 percent higher as compared to those hired directly from industry ($75,000). This salary premium shows that investing in an MBA credential continues to pay off over the time, helping an MBA graduate earn $3 million more in his or her lifetime than someone holding only a bachelor’s degree. GMAC’s own offers a helpful tool to calculate the return of investment (ROI) for business school graduates.

Before the pandemic, 92 percent of recruiters indicated they were planning to hire MBA graduates in 2020. However, the disruptions caused by COVID-19 adversely affected those plans, and hence the actual hiring of MBA graduates (80%) was lower than 2020 projections. Looking ahead, the proportion of recruiters planning to hire MBAs in 2021 (91%) returns to the same level as pre-pandemic 2020 (92%). The MBA hiring projections exhibit strength across key regions and industries. Specifically, 95 percent of the recruiters in the consulting sector, an industry in most demand by MBA graduates, are projecting to hire them—a reversal from the 2020 actual hiring of 76%.

Technology sector embraces MBA graduates for hiring and promotion

According to survey respondents, demand for MBA graduates by the technology industry is anticipated to increase by 10 percentage points in 2021 compared to pre-pandemic 2020. In fact, with 96 percent of tech recruiters projecting to hire MBA graduates in 2021, the demand for MBA talents tops the previous three years. The data also show that two in three (68%) recruiters in the technology sector agree that leaders in their organizations tend to have a graduate business school education—an increase of 11 percentage points from 2020 (57%).

“Technology companies are placing a high value on leaders who are not just technically skilled, but also have strong strategic, interpersonal, communication and decision-making skills, as well as an understanding of the importance of diversity and inclusion and sustainability in their organizations – these will be critical to driving organizational growth and innovation,” said Peter Johnson, Assistant Dean of UC Berkeley’s Haas School of Business. “These core skills represent the signature business schools are imbuing in graduates from their MBA and business master’s programs.”

Perceptions of online programs are mixed depending on region, sector

Online programs have been gaining traction in recent years. According to GMAC data, 50 more online MBA programs accepted GMAT scores in the testing year (TY) 2020 as compared to five years earlier in TY 2016. In addition, 84 percent of online MBA programs reported an increase in applications in GMAC’s 2020 Application Trends Survey.

However, when corporate recruiters were asked about their level of agreement with the statement “My organization values graduates of online and in-person programs equally,” only one-third (34%) of them agreed. In terms of industries, recruiters from the finance and accounting industry (41%) are more likely to view graduates of online programs as equal to their on-campus peers, compared to their recruiting counterparts in consulting (25%) or technology (28%). As online programs are clearly a fast-growing area of graduate management education, the sustainability of demand will require a higher level of acceptance by employers, particularly when GMAC’s latest candidate research suggests a similar disparity in terms of perception of online versus in-person programs.

“As business schools continue to evolve modalities and more candidates are able to access MBA and business master’s programs through online delivery, this presents the graduate management education community with an opportunity to align expectations and outcomes for graduates and corporate recruiters,” said Chowfla.

About the Survey

GMAC has been conducting the Corporate Recruiter Survey on behalf of the graduate management education community since 2001. This year’s survey, administered in partnership with the Association of MBAs (AMBA), the European Foundation for Management Development (EFMD), MBA Career Services & Employer Alliance (MBA CSEA), and career services offices at participating graduate business schools worldwide, received 529 responses between February 25 – March 31, 2021. More details of the full report, and other research series produced by GMAC, are available on

About GMAC

The Graduate Management Admission Council™ (GMAC™) is a mission-driven association of leading graduate business schools worldwide. Founded in 1953, GMAC creates solutions and experiences that enable business schools and candidates to better discover, evaluate, and connect with each other.

GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry, as well as tools, resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the most widely used graduate business school assessment.

GMAC also owns and administers the NMAT by GMAC™ (NMAT™) exam and the Executive Assessment (EA). More than 7 million candidates on their business master’s or MBA journey visited GMAC’s last year to explore business school options, prepare and register for exams, and get advice on the admissions process. BusinessBecause and The MBA Tour are subsidiaries of GMAC, a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
202-390-4180 (mobile)

Agreement on the creation of a “new SUEZ”

Meridiam, Global Infrastructure Partners and Caisse des Dépôts Group with CNP Assurances (the “Consortium”) submitted a binding contractual commitment to purchase the new SUEZ, which has been approved by the Boards of Directors of Suez and Veolia on 29 June 2021

Paris, June 30, 2021 (GLOBE NEWSWIRE) — The Consortium of investors composed of Meridiam and Global Infrastructure Partners, each with a 40% stake, and the Caisse des Dépôts Group with CNP Assurances, with a 20% stake (including 8% for CNP Assurances)1 submitted a binding final offer to Suez and Veolia to purchase the “new SUEZ” on 29 June 2021. This offer has been approved by the Boards of Directors of Suez and Veolia on this day, with an agreement signed with the Consortium. The transaction remains subject to certain conditions, including approval from Suez shareholders and the receipt of required regulatory approvals.

The offer confirms the terms of the Memorandum of Understanding signed on May 14, 2021 between Suez, Veolia and the Consortium, including notably:

• The perimeter of assets, companies and activities that will be acquired by the Consortium to form the new SUEZ. The scope notably consists of all water and waste management activities of Suez in France including R&D activities, construction (TI) activities, Suez’s water activities in Italy, the Czech Republic, Poland, Africa, Central Asia, India, Bangladesh, Sri Lanka, Australia, New Zealand, Asia (including municipal and industrial water activities in Shanghai and Macao)

• The next steps in the reorganization process leading up to the sale of the new SUEZ perimeter to the consortium

• Social commitments of 5 years

• The objective for employees to reach 10% of the share capital within 5-7 years

• Enterprise Value of the new SUEZ coherent with the valuation of the Suez Group implied by the €20.50 per share offer, with coupon attached, for the Suez shares not yet held by Veolia

The new SUEZ will be a major player in environmental services with annual revenues of nearly €7 billion and strong growth prospects and development capabilities both in France and internationally. It will benefit from a robust industrial and technological foundation, supported by a stable, long-term shareholder base. With a track record of operational excellence and a strong management team, the new SUEZ will continue to deliver the best quality of service to its end customers.

Thierry Déau, President and Founder of Meridiam, said: “This agreement represents a new step in the construction of the new SUEZ. Under the signed agreements, the company will benefit from expert and recognized employees and strategic positions at the forefront of the water and waste management sector in France and worldwide. But our ambition for this new SUEZ, with all our partners, does not 1 Ownership splits before including employees’ ownership stake in new SUEZ share capital stop there, it is clear and strong: to strengthen the presence and leadership of Suez in France and internationally, increase investment in innovative solutions, R&D, and key high-growth sectors, and remain best-in-class in terms of social and environmental impact and responsibility”.

Adebayo Ogunlesi, Chairman and Managing Partner of GIP, said: “GIP is excited to have partnered with Meridiam, CDC Group and CNP Assurances to reach this important milestone of submitting a final and binding offer for the creation and acquisition of a new SUEZ. As an experienced, long term infrastructure investor with a strong operational focus, we believe that GIP is the ideal partner for the company going forward. GIP, together with its partners, will provide a stable shareholder base, is committed to investing in the new SUEZ to maintain its leading position in the environmental services sector and to support its growth and development objectives both in France and internationally, for the benefit of all its stakeholders. With strong alignment between shareholders, a world-class management team and market-leading technology, we believe new SUEZ is well-positioned for longterm success and to play a leading role as a socially responsible global business.”

Eric Lombard, Chief Executive Officer of Caisse des Dépôts Group, said: “This agreement demonstrates that Caisse des Dépôts Group is more than ever committed to supporting local and regional development. We fully intend to reaffirm our determination to build an agile, innovative group, led by top-notch teams. This investment complements CDC’s rich history of investing in energy networks. We will now fully play our part in water networks and waste management by accompanying the company’s development with all its employees, over the long term and with respect for the environment”.

Stéphane Dedeyan, Chief Executive Officer of CNP Assurances, said: “As a leading player in the French personal insurance market and a major investor in infrastructure in France, we are pleased to be involved in supporting the creation and development of the new SUEZ for the benefit of the environment and society as a whole. In partnership with Caisse des Dépôts, we intend to fully participate in the development of water distribution and waste management networks, as part of CNP Assurances’ strategy of being a responsible, long-term investor”.

Subject to obtaining the required regulatory approvals, the sale of new SUEZ to the Consortium is planned to close simultaneous with Veolia’s public offer in late 2021.

About Meridiam

Meridiam was founded in 2005 by Thierry Déau, with the belief that the alignment of interests between the public and private sector can provide critical solutions to the collective needs of communities. Meridiam is an independent investment Benefit Corporation under French law and an asset manager. The firm specializes in the development, financing, and long-term management of sustainable public infrastructure in three core sectors: mobility, energy transition and environment, and social infrastructure. With offices in, Addis Ababa, Amman, Dakar, Istanbul, New York, Luxembourg, Paris, Toronto and Vienna, Meridiam currently manages US$10 billion and more than 90 projects and assets to date. Meridiam is certified ISO 9001: 2015, Advanced Sustainability Rating by VigeoEiris (Moody’s) and applies a proprietary methodology in relation to ESG and impact based on United Nations’ Sustainable Development Goals (SDGs). For more information, visit

Meridiam Meridiam Meridiam Contact: Antoine Lenoir – +33 6 07 50 75 85 – +33 1 53 34 96 92 –

About GIP

Global Infrastructure Partners (GIP) is an independent fund manager and a global leader in infrastructure investments. Founded in 2006, GIP’s teams are located in 10 offices globally and invest in the energy, transport and environmental services sectors. GIP manages approximately $75 billion on behalf of more than 400 institutional investors, including many renowned European and French institutions. GIP has invested over $18 billion in European companies to date. GIP’s investment approach is founded on the combination of its industrial expertise and best-in-class management practices. GIP focuses its efforts on reliability, safety, quality of service, growth investments and operational excellence, notably through innovation and technology. Water and environmental services are one of the pillars of GIP’s expertise. GIP adheres to the highest standards of responsible investment and is notably a signatory of the “Principles for Responsible Investment” promoted by the United Nations and also a founding member of the “One Planet Sovereign Wealth Funds” initiative. For more information, visit

Contact: Charlotte L’Hélias – +33 6 11 85 14 80 – +33 1 57 97 79 04 –

Pen Pendleton – 914-364-8024 –

About the Caisse des Dépôts Group

Caisse des Dépôts and its subsidiaries form a public long-term investor group serving the general interest and economic development of local areas. It combines five areas of expertise: pensions and professional training, asset management, monitoring subsidiaries and strategic shareholdings, business financing (with Bpifrance) and Banque des Territoires.

For more information, visit

Contact: Alexis Nugues – +33 6 81 55 59 24 – +33 1 58 50 31 93 –

About CNP Assurances

A leading player in the French personal insurance market, CNP Assurances operates in 19 countries in Europe, notably in Italy, and in Latin America, where it is very active in Brazil, its second largest market. As an insurance, coinsurance, and reinsurance provider, CNP Assurances designs innovative personal risk/protection and savings/retirement solutions. The company has more than 36 million insured in personal risk/protection insurance worldwide and more than 12 million in savings/retirement. In accordance with its business model, its solutions are distributed by multiple partners and adapt to their physical or digital distribution method, as well as to the needs of customers in each country in terms of their protection and convenience. CNP Assurances has been listed on the Paris Stock Exchange since October 1998 and is a subsidiary of La Banque Postale. The Company reported net profits of €1,350 million in 2020. For more information, visit

Contact: Florence de Montmarin – + 33 1 42 18 86 51 –

Mark Levitt
Global Infrastructure Partners
(212) 315-8111

Creo granted foundational patent for production of cannabinoids

Creo granted foundational patent for production of cannabinoids

Patent covers advantaged method of producing essential precursor for all cannabinoids, creating the foundation for Creo’s IP position

San Diego, CA – June 30, 2021 Creo, an ingredient technology company with a proprietary platform for producing natural cannabinoids without the cannabis plant, announced today the issuance of an important foundational patent in its IP portfolio.

The United States Patent and Trademark Office issued patent no 11046978, “Microbial Synthesis of Isoprenoids and Derivatives”. This patent covers a unique and advantaged method of producing geranyl pyrophosphate (GPP), an essential precursor for making all cannabinoids.

The novel approach in the patent covers production of GPP without using the two established natural pathways, the use of which is patented. It has certain potential advantages over certain existing pathways, including lower burden on central metabolism and greater control over GPP production during fermentation, providing Creo the potential to manufacture cannabinoids at high yields.

The patent, whose lead inventor is Profession Ramon Gonzalez, co-founder of Creo, is licensed exclusively world-wide to Creo from Rice University.

According to a September 2020 report on cannabinoids and the bio revolution by Raymond James, a financial services firm, the global market for cannabinoids produced by fermentation is estimated to grow from C$10 billion in 2025 to C$115 billion by 2040.

“The allowance of this foundational patent represents an important pillar supporting Creo’s leadership position in the emerging market for fermentation-based cannabinoids,” said Creo CEO, Roy Lipski. “With exclusive rights to 15 fermentation-based cannabinoid patent families, and over 1,800 partner patents and applications, Creo is building a strong IP position to underpin its business.”

“We’re delighted with the allowance of this patent that covers a unique approach to producing GPP,” said Creo CTO, Joel Cherry. “We look forward to Creo capitalizing on the competitive advantage it offers for fermentation-based production of cannabinoids.”

About Creo
Creo is an ingredients technology company that produces high quality cannabinoids using the natural process of fermentation. Founded in 2016 and headquartered in California, Creo’s mission is to enable the creation of value-added cannabinoid products that help people everywhere, at scale and in a more environmentally sustainable way, using advanced biology instead of the cannabis plant. Creo’s technology partner and major shareholder is industry-leading biotechnology firm Genomatica. To learn more, visit

Media enquiries
Consilium Strategic Communications
Mary-Jane Elliott, Matthew Cole, Jessica Hodgson, Lindsey Neville
+44 (0) 20 3709 5700.

Constellation Brands Announces Accelerated Stock Buyback

VICTOR, N.Y., June 30, 2021 (GLOBE NEWSWIRE) — Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today that it has entered into an accelerated share repurchase (“ASR”) agreement with Goldman Sachs & Co. LLC to repurchase $500.0 million of its Class A common stock (“Common Stock”). Under the ASR agreement, Constellation will receive approximately 1.7 million shares on July 2, 2021, representing approximately 80% of the expected share repurchases under the ASR agreement, based on the company’s June 29, 2021 closing stock price of $230.98. The repurchased shares will become treasury shares.

The specific number of shares to be repurchased in the transaction is generally based upon the volume-weighted-average price of the Common Stock during the term of the ASR agreement, less a discount and is expected to be completed no later than October 2021. The purchase price for shares repurchased in the accelerated share repurchase transaction will be paid primarily with cash on hand and will be completed under the company’s current share repurchase authorization, which currently has approximately $3.4 billion in authorization remaining before giving effect to the ASR.

“This accelerated share repurchase transaction demonstrates our strong commitment to maximizing shareholder value, and aligns with our commitment to return $5 billion to shareholders through fiscal 2023,” said Constellation Brands President and Chief Executive Officer Bill Newlands.

This ASR agreement will not change the fiscal 2022 EPS guidance provided in our news release of earlier today and constitutes the $500 million incremental share repurchase referenced in that news release.

This news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The word “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to business strategy, future operations, prospects, plans, and objectives of management, as well as information concerning expected actions of third parties. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements.

The forward-looking statements are based on management’s current expectations and should not be construed in any manner as a guarantee that such results will in fact occur or will occur on any contemplated timetable. All forward-looking statements speak only as of the date of this news release and Constellation Brands undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

At Constellation Brands (NYSE: STZ and STZ.B), our mission is to build brands that people love because we believe sharing a toast, unwinding after a day, celebrating milestones, and helping people connect, are Worth Reaching For. It’s worth our dedication, hard work, and the bold calculated risks we take to deliver more for our consumers, trade partners, shareholders, and communities in which we live and work. It’s what has made us one of the fastest-growing large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what’s next.

Today, we are a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Every day, people reach for our high-end, iconic imported beer brands such as Corona Extra, Corona Light, Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, and our high-quality premium wine and spirits brands, including the Robert Mondavi Brand Family, Kim Crawford, Meiomi, The Prisoner Brand Family, SVEDKA Vodka, Casa Noble Tequila, and High West Whiskey.

But we won’t stop here. Our visionary leadership team and passionate employees from barrel room to boardroom are reaching for the next level, to explore the boundaries of the beverage alcohol industry and beyond. Join us in discovering what’s Worth Reaching For.

To learn more, follow us on Twitter @cbrands and visit

Mike McGrew 773-251-4934 /
Amy Martin 585-678-7141 /
Patty Yahn-Urlaub 585-678-7483 /
Marisa Pepelea 312-741-2316 /

A downloadable PDF copy of this news release can be found here:

AGF Management Limited Reports Second Quarter 2021 Financial Results

  • Mutual fund gross sales of $1.1 billion for the second quarter of 2021, an improvement of 108% year-over-year
  • Mutual fund net sales of $408 million for the quarter
  • Total assets under management and fee-earning assets1 of $40.8 billion
  • Dividend increase to $0.09 from $0.08 per share

TORONTO, June 30, 2021 (GLOBE NEWSWIRE) — AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the second quarter ended May 31, 2021.

AGF reported total assets under management and fee-earning assets1 of $40.8 billion compared to $35.8 billion as at May 31, 2020.

“While the pandemic persisted through another quarter, we continued to gain sales momentum and expand our client base and reach into new markets,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “Further, we remain uniquely positioned to continue to redeploy capital against our strategic growth strategy delivering value to our shareholders by further diversifying our assets and revenue streams as we focus on new relationships and capital opportunities within our private alternatives business.”

“In recognition of our strong results, robust financial position, and confidence in the future of our business, AGF’s Board of Directors has approved to increase the quarterly dividend by 12.5%,” added McCreadie.

AGF’s mutual funds net sales improved $501 million year-over-year, with total net sales of $408 million in Q2 2021, compared to net redemptions of $93 million in Q2 2020. Excluding net flows from institutional clients invested in mutual funds, retail mutual fund net sales were $431 million for the quarter compared to net redemptions of $93 million in the comparative period of 2020. AGF mutual fund gross sales for the quarter totaled $1,060 million, a 108% improvement over prior year. While industry net sales were down 17% versus Q1 2021, AGF’s mutual fund net sales are up 6% versus Q1 2021.

Mutual fund sales momentum continued into June with AGF reporting mutual fund net sales of $76 million as at June 28, 2021 compared to net redemptions of $32 million for the same time last year. Mutual fund gross sales were up 87% year-over-year.

“We are seeing the results of taking a vehicle agnostic approach, in particular with accelerating sales into fee-based series and separately managed accounts as well as interest in the launch of our innovative private alternative offerings,” said Judy Goldring, President and Head of Global Distribution, AGF.

Key Business Highlights:

  • As part of its extended partnership with SAF Group, AGF is operationally ready with private credit offerings for both Canadian institutional investors and retail clients with the AGF SAF Private Credit Limited Partnership and AGF SAF Private Credit Trust with first close expected in Q3 2021.
  • Subsequent to the end of our fiscal quarter, one of AGF’s long-term private alternative investments, managed by SAF, was fully monetized, with a final cash distribution of $5.9 million received. The long-term investment had a carrying value of $5.8 million as at May 31, 2021. In addition, AGF through its joint venture ownership interest in the manager received $2.4 million of carried interest, of which $0.2 million was recorded as an asset in investment in joint ventures as at May 31, 2021 and the remainder will be recorded as income in the third quarter.
  • AGF announced a definitive agreement with Instar Group Inc. (Instar) to conclude their joint venture relationship in InstarAGF Asset Management Inc. (InstarAGF) following the establishment of its two flagship funds, InstarAGF Essential Infrastructure Fund I and II (together, the InstarAGF Funds). AGF will retain its economic interest in the InstarAGF Funds including an upcoming third fund (Fund III) managed by Instar, which AGF has agreed to support with an anticipated US$50 million capital commitment.
  • AGF’s joint venture with WaveFront Global Asset Management Corp., AGFWave Asset Management Inc. (AGFWave), brought its first new strategy, the Hwabao China New Era Infrastructure mandate to market with its strategic partners, Hwabao WP Fund Management and J Royal Asset Management, with a focus on targeting eligible investors in China and institutions globally looking for access to the Chinese market. The new innovative mandate – integrating traditional and new infrastructure – brings together AGF’s and Hwabao’s quantitative investing capabilities for these rapidly growing markets providing diversified access to China’s robust and growing digital economy and carbon neutrality pledge.
  • At the 2021 Wealth Professional Awards, AGF was named Digital Innovator of the Year and Employer of Choice. These honours speak directly to two key drivers of AGF’s success over the past year: accelerating digital transformation and employee engagement.

“Over the last year, we have been committed to hearing directly from our employees through a series of surveys to better understand our employee population as it relates to our culture, diversity and inclusion,” added Goldring. “We prioritized employee mental health, focused on keeping engagement high and have experienced a positive shift in our culture that enables all stakeholders to succeed, earning us industry recognition.”

For further information on AGF’s pandemic response plan statement visit

Financial Highlights:

“We delivered strong mutual fund sales again this quarter that will generate revenue going forward, as we continue to see an increase in success-based expenses, the expense management discipline we have put in place has allowed our core expenses and operations to hold steady,” added McCreadie.

  • Management, advisory, administration fees and deferred sales charges were $108.6 million for the three months ended May 31, 2021, compared to $88.8 million in 2020. The increase in revenue is attributable to higher sales, increase in daily average mutual fund AUM and higher average revenue rate as a result of product mix.
  • The significant increase in mutual fund sales in the second quarter drove higher selling, general and administrative costs in the period associated with variable sales and investment performance-based compensation. Selling, general and administrative costs were $47.1 million for the three months ended May 31, 2021, compared to $40.2 million in 2020. In addition, the increase in the AGF.B share price during the quarter resulted in higher share-based compensation, which is marked to market. This increase in variable costs was partially offset by management’s continued focus on cost control.
  • EBITDA before commissions for the three months ended May 31, 2021 was $28.2 million, compared to $21.2 million in the prior year comparative period.
  • DSC commissions for the three months ended May 31, 2021 were $17.7 million, compared to $10.3 million in the prior year comparative period.
  • Net income for the three months ended May 31, 2021 was $5.0 million ($0.07 diluted EPS), compared to $5.3 million ($0.07 diluted EPS) in the prior year comparative period. The growth in mutual funds sales as well as the increase in the Company’s stock price in the current quarter resulted in an increase in variable sales compensation, DSC commissions and stock compensation, which were fully recognized in the period, resulting in a $0.12 negative impact to EPS compared to prior year.
Three months ended Six months ended
May 31, February 28,  May 31,
 May 31,  May 31,
(in millions of Canadian dollars, except per share data) 2021 2021 20201 2021 20201
Management, advisory, administration fees
and deferred sales charges $ 108.6 $ 102.9 $ 88.8 $ 211.5 $ 188.2
Share of profit of joint ventures 0.1 0.8 0.6 0.9 0.7
Other income from fee-earning arrangements 0.4 0.4
Dividend income (S&WHL) 4.5
Fair value adjustments and other income 0.4 3.6 (0.4 ) 3.9 2.3
Total Income $ 109.5 $ 107.3 $ 89.0 $ 216.7 $ 195.7
Selling, general and administrative 47.1 48.0 40.2 95.1 85.5
Deferred selling commissions 17.7 15.5 10.3 33.3 22.8
EBITDA before commissions2 28.2 26.8 21.2 54.7 51.3
EBITDA 10.5 11.3 10.9 21.4 28.5
Net income 5.0 5.6 5.3 10.6 16.1
Diluted earnings per share 0.07 0.08 0.07 0.15 0.20
Free cash flow2 10.4 10.5 6.1 20.9 20.6
Dividends per share 0.08 0.08 0.08 0.16 0.16
Long-term debt 199.9 199.9
(end of period) Three months ended
May 31, February 28, November 30, August 31,
 May 31,
(in millions of Canadian dollars) 2021 2021 2020 2020 2020
Mutual fund assets under management (AUM)3 $ 22,290 $ 21,394 $ 20,322 $ 19,232 $ 18,259
Institutional, sub-advisory and ETF accounts AUM 9,713 9,403 9,638 9,252 9,591
Private client AUM 6,689 6,300 6,043 5,773 5,624
Private alternatives AUM4,5 134 142 227 178 173
Total AUM4 $ 38,826 $ 37,239 $ 36,230 $ 34,435 $ 33,647
Private alternatives fee-earning assets4,5 1,983 2,012 2,038 2,029 2,115
Total AUM and fee-earning assets5 $ 40,809 $ 39,251 $ 38,268 $ 36,464 $ 35,762
Net mutual fund sales (redemptions)3 408 385 88 (22 ) (93 )
Average daily mutual fund AUM3 22,011 21,118 19,487 18,879 17,386
1 Refer to Note 3 in the 2020 Consolidated Financial Statements for more information on the adoption of IFRS 16.
2 EBITDA before commissions (earnings before interest, taxes, depreciation, amortization and deferred selling commissions), and Free Cash Flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at
3 Mutual fund AUM includes retail AUM, pooled fund AUM and institutional client AUM invested in customized series offered within mutual funds.
4 Total AUM and Private alternatives AUM have been reclassified and restated to exclude co-investment AUM for comparative purposes.
5  Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

For further information and detailed financial statements for the second quarter ended May 31, 2021, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at under ‘About AGF’ and ‘Investor Relations’ and at

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at or at Alternatively, the call can be accessed toll-free in North America by dialing 1 (800) 708-4540 (Passcode #: 50170228).

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With nearly $41 billion in total assets under management and fee-earning assets, AGF serves more than 700,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Adrian Basaraba
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Philips and the Spanish National Center for Cardiovascular Research (CNIC) collaborate on a new ultra-fast cardiac MRI protocol for research purposes with the aim of benefitting clinical practice in the future

June 30, 2021

  • Ultra-fast, less than one-minute scan time, cardiac MRI enables accurate assessment of heart anatomy and function, improves patient comfort, increases access to care, and reduces costs
  • Technique can be implemented on existing MRI scanners
  • Validated clinical trial results on more than 100 patients with diverse cardiac pathologies published in leading journal JACC: Cardiovascular Imaging

Amsterdam, the Netherlands and Madrid, Spain – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, has participated in an important research project to develop a magnetic resonance (MR) imaging technique [1,2] that could potentially revolutionize the use of MR imaging in cardiology.

Reducing the procedure time for full evaluation of heart anatomy and function from about one hour down to a few minutes, this new technique has the potential to increase patient access to precision diagnosis, improve patient comfort due to shorter scan times, and lower the cost of care. The technique can be used with existing phased-array MRI scanners without modification. The results of a clinical trial to evaluate the technique [2] were published in April, 2021, in JACC (Journal of the American College of Cardiology): Cardiovascular Imaging, one of the world’s highest impact journals in the field [3].

“In just over 20 seconds, all the information needed to know the shape and function of the heart has been acquired. And if you need to evaluate the degree of fibrosis after cardiac muscle death, another 20-second acquisition is all it takes, completing the cardiac study in less than a minute,” said Philips scientist Dr. Javier Sánchez-González, technical leader of the Philips team that contributed to the development and leader of the collaboration with CNIC.

During a conventional MR cardiac examination, patients are required to lie still inside the bore of the scanner for about one hour to accurately measure the function of their heart and assess the extent of damaged heart muscle. It requires multiple complex 2D and 3D image acquisitions that need to be captured and reconstructed. As a result, despite being non-invasive and involving no radiation exposure, MR imaging is still not widely used for cardiac imaging.

“The main cause is the time needed to do a full study. A complete study requires about an hour, a period that causes many patients not to finish the test due to the discomfort it causes them,” said Dr. Sandra Gómez-Talavera, researcher at the Spanish National Center for Cardiovascular Research (CNIC), cardiologist at the Hospital Universitario Fundación Jiménez Díaz (Madrid, Spain), and co-author of the JACC paper.

The new technique (called ‘Enhanced SENSE by Static Outer-volume Subtraction (ESSOS)) makes use of the fact that during a breath-hold, everything within the patient’s chest remains static, except their beating heart. After an initial image of the static part (outer volume) has been captured this MRI data is temporarily removed. The MRI signal of the beating heart can now more easily be subtracted from subsequent scan data, allowing up to four times faster acquisition of a 3D image of the heart. This results in a net acceleration factor of up to 32. Once the dynamic information of the beating heart is reconstructed, the static outer volume images are added back to generate a full 3D cardiac image showing heart anatomy and function, and allowing review from different views with good image resolution. If needed, a second contrast-enhanced isotropic 3D single breath-hold scan can reveal the extent of damage to the patient’s heart muscle.

The results of a clinical trial in which more than 100 patients with various cardiac pathologies were examined using both the conventional and the new MR protocol, with the resulting images being evaluated by expert radiologists, demonstrated excellent agreement between heart function measurements made using each technique, as well as excellent agreement in the images to characterize tissue damage to the patient’s heart muscle [4].

“We have shown in a large group of patients that cardiac MR imaging using this new technology obtains the same parameters as the usual technique but reduces the time that a patient has to be inside the machine by more than 90%,” said Dr. Borja Ibáñez, Director of the Clinical Research Department of CNIC, Cardiologist at the University Hospital Fundación Jiménez Díaz, and clinical leader of the work.

The research project to develop this new cardiac MR protocol was financed by the Carlos III Institute of Health, through a FIS technological development project, as well as a Translational Research Grant from the Spanish Society of Cardiology, the European Research Council (ERC), and the Community of Madrid.

While the collaboration between CNIC and Philips is currently at the research stage, the goal is to bring this ultra-fast and easy cardiac MR technique to clinical settings in the near future and support the common vision of benefiting more patients. Already today Philips’ integrated MR solutions offer new levels of ultra-fast and personalized cardiac MR. Examples include the company’s exam-shortening Compressed SENSE technology, ultra-fast early diagnosis of heart failure with Strain–encoded magnetic resonance imaging (SENC-MRI) and MyoStrain (by Myocardial Solutions), SmartWorkflow end-to-end workflow solution, and helium-free scanners. Learn more at MR Cardiac imaging | Philips Healthcare.

More information on the new magnetic resonance (MR) imaging technique can be found in this press backgrounder.

[1] ‘Enhanced SENSE by Static Outer-volume Subtraction’ (ESSOS)
[2] Device for research applications only. Not for clinical use.
[3] Comparison of the Impact Factors of the Most-Cited Cardiovascular Journals | Circulation Research (; Impact Factor Results Rank JACC Journals Among Top 12 Cardiovascular Journals Worldwide – American College of Cardiology
[4] Gómez-Talavera S, Fernandez-Jimenez R, Fuster V, Nothnagel ND, Kouwenhoven M, Clemence M, García-Lunar I, Gómez-Rubín MC, Navarro F, Pérez-Asenjo B, Fernández-Friera L, Calero MJ, Orejas M, Cabrera JA, Desco M, Pizarro G, Ibáñez B, Sánchez-González J. (2021). Clinical Validation of a 3-Dimensional Ultrafast Cardiac Magnetic Resonance Protocol Including Single Breath-Hold 3-Dimensional Sequences.  JACC Cardiovasc Imaging, doi: 10.1016/j.jcmg.2021.02.03

For further information, please contact:

For Philips:
Kathy O’Reilly
Philips Global Press Office
Tel.: +1 978-221-8919
E-mail :
Twitter: @kathyoreilly

Fatima Lois
Head of Communications of the CNIC.
Tel.: +34 6 39 28 24 77

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 17.3 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at

About CNIC
The National Center for Cardiovascular Research (CNIC), led by Dr. Valentín Fuster, has as its mission to enhance cardiovascular research and its translation to the patient. The center is financed by a pioneering formula of public-private collaboration between the Government of Spain, through the Carlos III Institute of Health, and the Pro CNIC Foundation that brings together 12 of the most important Spanish companies.