Fund manager AGF posts profit but managed assets fall

Wed Sep 25, 2013 8:30am EDT
 
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Sept 25 (Reuters) - Canadian fund manager AGF Management Ltd posted a profit in the third quarter compared with a loss a year earlier, but assets under management (AUM) fell 12 percent.

Net income from continuing operations was C$10.1 million ($9.8 million), or 11 Canadian cents per share, compared with a loss of C$19.3 million, or 20 Canadian cents per share, a year earlier.

The company took a one-time charge in the year-ago quarter.

Revenue from continuing operations fell 2 percent to C$117.7 million mainly due to lower AUM levels.

Total AUM fell to C$36.4 billion from C$41.2 billion a year earlier.