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AGF Management Inc. CEO Blake Goldring.

Yvonne Berg/yvonne berg The Globe and Mail

AGF Management Ltd.'s fourth-quarter profit fell sharply amid higher expenses, lower revenue and the absence of an income tax rebate recorded a year earlier.

The mutual fund and wealth management company had $31.0-million of net income in the quarter ended Nov. 30 with $155.9-million of revenue.

That's down from a $45.5-million profit and $157.7-million in revenue in a year earlier, when AGF's profit benefited from a $9.8-million income tax reduction.

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The Toronto-based company said revenue was flat at its investment management operations but expenses were up by 4.4 per cent to $76.1-million.

Meanwhile, expenses at AGF Trust rose by 4 per cent to $13.7-million as its revenue fell 3.4 per cent to $22.8-million.

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