AGF Management reports $14.5 million Q2 profit, says investments did better

TORONTO – AGF Management Ltd. (TSX:AGF.B) reports it had $14.5 million or 17 cents per share of net income in its fiscal second quarter, contrasting with a year-earlier loss of $10.4 million or 12 cents per share.

The Toronto-based mutual fund operator and wealth management company said it continued to see improvements in its investment performance.

However, AGF’s revenue from continuing operations — primarily from management and advisory fees — was down from a year earlier, dropping to $119.1 million from $126.9 million.

It has $35.9 billion of assets under management as of May 31, when the quarter ended, down 4.5 per cent from $37.6 billion a year earlier.

Assets managed for retail investors rose slightly to $19.7 billion from $19.5 billion, assets for wealthy individuals rose to $4.2 billion from $3.7 billion but assets managed for institutional investors declined to $12 billion from $14.4 billion.