September 24, 2014 / 1:23 PM / 4 years ago

Canadian fund manager AGF's profit jumps as expenses fall

(Reuters) - Canadian fund manager AGF Management Ltd (AGFb.TO) 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.

(1 US dollar = 1.1071 Canadian dollar)

Reporting by Solarina Ho in Toronto and Ashutosh Pandey in Bangalore; Editing by Maju Samuel

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