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AGF posts Q3 loss on lower sales



AGF Management Ltd. (TSE:AGF.B) swung to a fiscal third-quarter loss amid waning revenues and lower assets under management. 

The Toronto-based global wealth management company, which offers services to private and institutional clients, posted a $13.3 million loss or 14 cents per share. This is down from a year earlier profit of $15.4 million or 16 cents per share. 

Excluding one-time items like the sale of its AGF Trust unit and restructuring charges valued at $3.8 million, the company actually earned 11 cents per share. 

Revenue slumped to $119.8 million from $151.4 million.

Analysts polled by Bloomberg sought a per-share profit of 18 cents, on $124 million in sales during the quarter ended August 31.

In late morning trade, the company's stock fell 7.16 per cent declining to $11.54 each on the Toronto Stock Exchange. 

On August 1, AGF announced that it sold AGF Trust to B2B Bank for $421.6 million. AGF said that the sale will allow it to expand on its core investment management business.

The company, during the third quarter, spent $43.5 million on 3.8 million Class B non-voting shares.

Total assets under management fell 14.8 per cent to $41.2 billion as of August, compared to last year's $48.4 billion.

The company also announced it hired four team members to the global equity and emerging markets teams, which positions AGF to actively sell to global institutions.


Quick facts: AGF Management

Price: 5.2 CAD

Market: TSX
Market Cap: $404.99 m

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