Canadian wealth manager AGF Management Ltd. said fourth-quarter profit fell 29 per cent, hurt by market volatility caused by the European debt crisis.
For the fourth-quarter, the company earned $21.9 million, or 23 cents a share, compared with $30.9 million, or 34 cents a share, a year ago.
Revenue increased slightly to $157.8 million from $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 officer Blake Goldring.
Follow us on Twitter: