AGF fourth-quarter earnings, revenue miss expectations
TORONTO (Reuters) - AGF Management Ltd AGFb.TO posted fourth-quarter earnings and revenue that missed expectations on Wednesday as the Canadian fund manager recorded a decline in income from management and advisory fees.
Assets under management at AGF Management, one of Canada's largest independent fund managers, rose 2 percent to C$35.11 billion ($28.22 billion) at the end of November from C$34.44 billion a year earlier.
Revenue for the quarter ended Nov. 30, 2014 fell to C$111.7 million from C$117.4 million a year earlier. Analysts, on average, expected C$114.5 million, according to Thomson Reuters I/B/E/S.
Net income from continuing operations rose to C$12.6 million, or 14 Canadian cents per share, from C$7.1 million, or 8 Canadian cents per share, a year earlier. Analysts estimated 16 Canadian cents per share.
The stock slipped 1 percent to C$7.14. It has lost about 42 percent in the last 52 weeks, compared with an 8.4 percent gain in the S&P/TSX composite index .GSPTSE, the main Canadian index, over the same period.
Toronto-based AGF said in December it would slash its quarterly dividend by 70 percent to 8 Canadian cents per share, the first cut in more than two decades.
($1 = 1.2442 Canadian dollars)
(Reporting by John Tilak in Toronto and Ashutosh Pandey in Bengaluru; Editing by Kirti Pandey and Jeffrey Benkoe)
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