January 25, 2012 / 1:27 PM / 6 years ago

UPDATE 1-AGF Management Q4 profit falls 29 pct

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Jan 25 (Reuters) - Canadian wealth manager AGF Management Ltd said fourth-quarter net income fell 29 percent, hurt by market volatility caused by the European debt crisis.

For the fourth-quarter, the company earned C$21.9 million, or 23 Canadian cents a share, compared with C$30.9 million, or 34 Canadian cents a share, a year ago.

Revenue increased slightly to C$157.8 million from C$155.9 million a year ago.

“The latter half of 2011 brought a return to global market volatility and there are still challenges ahead for the asset management industry,” said Chief Executive Blake Goldring.

Shares of the company closed at C$16.89 on Tuesday on the Toronto Stock Exchange. (Reporting by Shounak Dasgupta in Bangalore; Editing by Sriraj Kalluvila)

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