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