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)