BUZZ- AGF Management Ltd: Slashes dividend by 70 pct

Tue Dec 9, 2014 11:49am EST
 
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** Canadian fund manager's shares fall as much as 21 percent to a more-than five-year low after recovering slightly to be down 17 pct at C$8.08

** Stock the top percentage loser on the Toronto Stock Exchange, sees biggest intraday percentage fall in more than a decade

** Says will slash its quarterly dividend by 70 pct to C$0.08, its first cut in more than 20 years

** Company, which has about C$37 bln in assets under management, said the dividend cut would be implemented in Q1 2015

** AGF has been struggling to increase its assets under management, mainly due to higher redemptions by institutional investors spooked by volatility in global financial markets

** Up to Monday's close, shares have fallen more than 27 pct on the Toronto Stock Exchange