AGP’s Funds Under Management Climb 8.1% to $1.464 Billion in FY25

Robust Growth in Funds Under Management

Associate Global Partners Limited (AGP) has delivered a strong operational and financial performance for FY25, with funds under management (FUM) reaching $1.464 billion as at 31 October 2025. This represents an 8.1% increase from $1.292 billion a year earlier, underscoring the firm’s ability to attract and retain investor capital amid competitive market conditions.

The growth was primarily driven by the outstanding returns generated by WCM Investment Management’s large cap and small cap strategies, which significantly outperformed their benchmarks over multiple time horizons. These performance gains fueled net inflows totaling $385 million for the year, the highest since AGP transitioned to a third-party distributor in 2017.

Financial Improvement and Operational Momentum

AGP’s financial results reflect the positive market environment and effective cost management. Total revenue increased 14% to $7.1 million, with investment management and performance fees rising nearly 16%. The company reduced its net loss after tax by 78.6% to $171,000, and when excluding one-off capital raising costs, AGP actually posted a modest net profit of $59,000 for FY25.

Importantly, the group achieved positive operating cash flows in the last three quarters of FY25 and continued this trend into the first quarter of FY26, signaling improved operational efficiency and financial stability.

Strategic Distribution Expansion and Product Innovation

AGP is actively expanding its distribution footprint, making key hires across major Australian markets to deepen relationships with advisers, brokers, and consultants. The firm’s dual-channel model, which targets both advised and self-directed investors, now reaches over 140,000 individuals, positioning AGP well for scalable growth.

In FY25, AGP supported the launch of new product offerings, including the WCM Quality Global Growth Fund (Managed Fund) Class C unit tailored for asset consultants and managed accounts, which has raised over $51 million since inception. Additionally, the group announced a memorandum of understanding with a leading global credit manager to introduce a private credit strategy offering daily liquidity, expected to be unveiled later this quarter.

Key Investment Manager Partnerships Driving Performance

AGP’s multi-boutique model is anchored by strong partnerships with established managers. WCM Investment Management remains the cornerstone, with its listed investment company WCM Global Growth Limited (WQG) reporting a net profit after tax of $69.5 million in FY25 and raising $76.7 million through a capital raising. WCM’s funds continue to earn recommended ratings from research houses, reinforcing their market credibility.

Other partners such as Thomson, Horstmann & Bryant (THB), Vertium Asset Management, and Switzer Financial Group also contributed to the diversified product suite, each showing growth in FUM and delivering attractive income-focused strategies to investors.

Outlook – Focused on Sustainable Growth and Profitability

Looking ahead, AGP’s strategic priorities emphasize growing existing manager partnerships, expanding distribution channels, launching new products aligned with market demand, and maintaining strict financial discipline. The company’s strengthened balance sheet, positive cash flows, and diversified investor base provide a solid foundation to pursue these goals.

With a clear vision to become Australia’s leading multi-boutique asset manager, AGP’s FY25 results and ongoing initiatives suggest it is well positioned to capitalize on evolving investor preferences and market opportunities.