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UPDATE 1-AGF Management posts loss on lower managed assets
September 26, 2012 / 1:00 PM / 5 years ago

UPDATE 1-AGF Management posts loss on lower managed assets

Sept 26 (Reuters) - Canadian fund manager AGF Management Ltd reported a quarterly loss on lower managed assets.

Total assets under management decreased 14.8 percent to C$41.2 billion ($42.18 billion), as of Aug. 31.

The company recorded a loss of C$13.3 million, or 14 Canadian cents per share, for the third quarter, compared with a profit of C$15.4 million, or 16 Canadian cents per share, a year earlier.

June-August revenue fell 21 percent to C$119.8 million.

AGF Management completed the sale of AGF Trust to B2B Bank, for C$421.6 million on Aug. 1.

The company also booked a restructuring charge of C$3.8 million due during the quarter to the sale.

Shares of the company closed at C$12.43 on the Toronto Stock Exchange on Tuesday.

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