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.