How Did AGP Grow FUM to $1.4bn Amid Market Volatility?
Associate Global Partners Limited (AGP) reported an 8.1% increase in funds under management to $1.397 billion in FY25, driven by robust investment performance and a successful capital raising. The firm also narrowed its net loss significantly and strengthened its distribution capabilities, setting a positive tone for FY26.
- Funds under management rose 8.1% to $1.397 billion
- WCM large and small cap strategies outperformed benchmarks
- Net loss after tax reduced by 78.6%, excluding one-off costs net profit achieved
- Record $385 million net inflows, highest since 2017 transition
- Expanded national distribution team and launched new managed fund products
Robust Growth in Funds Under Management
Associate Global Partners Limited (AGP) has delivered a strong FY25 performance, with funds under management (FUM) increasing by 8.1% to $1.397 billion as of 30 June 2025. This growth was underpinned by the exceptional returns from WCM Investment Management’s large and small cap strategies, which significantly outperformed their benchmarks over multiple time horizons. The firm’s diversified product suite and deepening relationships with advisers and investors contributed to net inflows of $385 million, the highest annual inflows since AGP’s transition to a third-party distributor in 2017.
Capital Raising and Product Innovation
In November 2024, WCM Global Growth Limited (WQG), one of AGP’s key investment manager partners, successfully completed a capital raising that secured $76.7 million before costs. This was complemented by the May 2025 launch of a new Class C unit of the WCM Quality Global Growth Fund, tailored for asset consultants and managed accounts, which raised over $18 million by the end of the financial year. These initiatives reflect AGP’s strategic focus on expanding its product offerings to meet evolving market demands and investor preferences.
Improved Financial Performance and Cash Flow
AGP’s financial results for FY25 show a marked improvement, with total revenue increasing 14% to $7.1 million, driven by favorable market conditions and FUM growth. Investment management, service, and performance fees rose by 15.9%. The company reduced its net loss after tax by 78.6% to $171,000, and when excluding one-off capital raising costs, AGP posted a net profit of $59,000. Notably, the firm achieved positive operating cash flows in the last three quarters of FY25 and anticipates continuing this momentum into FY26.
Strengthening Distribution and Investor Engagement
AGP has bolstered its national distribution team with key appointments across major Australian states, enhancing its capacity to support investment managers and grow FUM. The company’s dual-channel distribution model, which serves advisers, brokers, consultants, and over 140,000 self-directed investors, remains a core strength. Recent initiatives include an off-market secondary issue of new units in the WCM Quality Global Growth Fund Active ETF and an investor loyalty bonus, designed to deepen investor engagement and loyalty.
Strategic Outlook and Growth Priorities
Looking ahead, AGP plans to continue growing its existing investment manager partnerships, expand its direct-to-investor business, and selectively add complementary managers to its platform. The firm is also focusing on launching new products that cater to market demand, particularly those appealing to the retiree market. With a strong balance sheet, positive cash flow trajectory, and a clear strategic roadmap, AGP appears well positioned to sustain growth and enhance shareholder value in FY26 and beyond.
Bottom Line?
AGP’s FY25 momentum sets the stage for sustained growth, but investors will watch closely how new product launches and distribution expansion translate into future returns.
Questions in the middle?
- How will AGP’s new product launches impact its competitive positioning in the asset management sector?
- Can AGP maintain or accelerate its net inflow momentum amid evolving market conditions?
- What risks might arise from expanding distribution and diversifying the investor base?
