AGF Management reports first-quarter profit up from year ago mark

TORONTO – AGF Management Ltd. (TSX:AGF.B) said Wednesday that profits grew to $19.9 million in its latest quarter, up from $15.6 million a year ago.

The investment management company said the earnings amounted to 23 cents per share for the quarter ended Feb. 28 compared with 17 cents per share a year ago.

Shares of the company rose 2.5 per cent, or 31 cents to $12.70, in early trading on the Toronto Stock Exchange

From continuing operations, AGF earned $17.8 million or 20 cents per share in its latest quarter compared with $15.6 million or 17 cents per share in the first quarter of 2013.

Revenue slipped to $116.9 million, down from $122.5 million.

Assets under management totalled $36.1 billion, down from $39.3 billion at the same time last year. However, assets under management were up 4.9 per cent from $34.4 billion at Nov. 30, 2013.

“We are pleased with the improvements in retail net flows, new flows in the institutional business and strengthening investment performance,” chairman and chief executive Blake Goldring said in a statement.

AGF manages mutual funds, mutual fund wrap programs and pooled funds as well as assets on behalf of institutional investors and private clients.