Canadian fund manager AGF plans 70 pct cut in quarterly dividend

Tue Dec 9, 2014 9:05am EST
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Dec 9 (Reuters) - Canadian fund manager AGF Management Ltd said it planned to slash its quarterly dividend by 70 percent to 8 Canadian cents per share, the first cut since 1989.

The company said the planned dividend cut would be implemented from the first quarter of 2015.

The steep cut in dividend will help AGF renew its share buyback program next year and allocate capital for growth, the company said. (Reporting by Ashutosh Pandey in Bengaluru; Editing by Kirti Pandey)