Canadian fund manager AGF's profit jumps as expenses fall
(Reuters) - Canadian fund manager AGF Management Ltd (AGFb.TO: Quote) reported a 46.5 percent jump in quarterly profit, helped by a fall in expenses.
The company's net income from continuing operations rose to C$14.8 million ($13.4 million), or 17 Canadian cents per share, in the third quarter ended Aug. 31, from C$10.1 million, or 11 Canadian cents per share, a year earlier.
Selling, general and administrative expenses fell 7 percent to C$43.8 million.
Revenue fell less than a percent to C$116.9 million.
Assets under management rose marginally to C$37 billion from C$36.4 billion, mainly due to a 15 percent fall in retail fund redemptions.
Institutional assets under management slid 10 percent to C$12.41 billion.
AGF, one of the nation's largest independent fund managers, maintained its quarterly dividend of 27 Canadian cents per share.
AGF's shares closed at C$11.52 on Tuesday on the Toronto Stock Exchange. They had fallen about 13 percent this year.