March 28, 2012 / 12:47 PM / in 6 years

UPDATE 1-AGF Management profit falls on lower managed assets

March 28 (Reuters) - Canadian wealth manager AGF Management Ltd’s first-quarter profit fell 11 percent, hurt in part by lower assets under management.

For the December-February quarter, the company earned C$26.1 million, or 27 Canadian cents a share, compared with C$29.2 million, or 32 Canadian cents a share, a year ago.

Revenue fell 4 percent to C$155.5 million.

Total assets under management fell 8.8 percent to C$47.8 billion.

Amortization related to intangible assets acquired on the acquisition of Acuity hurt first-quarter earnings by 4 Canadian cents a share.

Shares of AGF closed at C$15.75 on Tuesday on the Toronto Stock Exchange.

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