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File photo of Blake Goldring, chairman and CEO of AGF Management. (Yvonne Berg For The Globe and Mail)
File photo of Blake Goldring, chairman and CEO of AGF Management. (Yvonne Berg For The Globe and Mail)

AGF swings to profit in second quarter Add to ...

AGF Management Ltd. (TSX:AGF.B) reports it had $14.5-million or 17 cents per share of net income in its fiscal second quarter, contrasting with a year-earlier loss of $10.4-million or 12 cents per share.

The Toronto-based mutual fund operator and wealth management company said it continued to see improvements in its investment performance.

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However, AGF’s revenue from continuing operations – primarily from management and advisory fees – was down from a year earlier, dropping to $119.1-million from $126.9-million.

It has $35.9-billion of assets under management as of May 31, when the quarter ended, down 4.5 per cent from $37.6-billion a year earlier.

Assets managed for retail investors rose slightly to $19.7-billion from $19.5-billion, assets for wealthy individuals rose to $4.2-billion from $3.7-billion but assets managed for institutional investors declined to $12-billion from $14.4-billion.

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