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AGF Management gains after swinging to Q3 profit

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AGF Management Ltd. (TSE:AGF.B), a Canadian fund manager, advanced in early trading after swinging to profit in the fiscal third quarter. 

The shares rose 1.1 percent to C$12.51 at 9:34 a.m. in Toronto, extending this year's gains to approximately 26 percent.

Net income from continuing operations for the three months ended Aug. 31 was C$10.1 million, or 11 Canadian cents a share, compared with a loss of C$19.3 million, or 20 Canadian cents a share, in the year-earlier period, the Toronto, Ontario-based company said in a statement today.

"We remain well positioned to take advantage of the improving economic climate and demand for global mandates," Chief Executive Officer Blake C. Goldring said in the statement.

During the quarter, the company launched AGF U.S. AlphaSector Class, a fund that offers clients exposure to U.S. equities with a managed volatility overlay. 

It also expects to start this fall its UCITS platform, or undertakings for collective investment in transferable securities platform, a co-mingled pooled fund structure that will allow the company to market to the institutional and sub-advisory markets in Europe.

AGF declared a dividend of 27 Canadian cents a share for the June-to-August quarter, according to the statement. This dividend will be payable on Oct. 18 to shareholders of record on Oct. 9.

Excluding one-time charges, adjusted diluted per-share earnings was 11 Canadian cents, below the 13-cents average estimate of 10 analysts tracked by Thomson Reuters.

Quarterly revenue inched down 1.8 percent to C$117.7 million.

The company's total assets under management, or AUM, dropped 12 percent to C$36.4 billion. 

 

 

Quick facts: AGF Management

Price: 5.2 CAD

TSX:AGF.B
Market: TSX
Market Cap: $404.99 m
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