AGF fell 7 percent to C$11.55 at 3:16 p.m. in Toronto, after touching C$11.25, the lowest intraday price since July 5.
Net income from continuing operations dropped to C$7.1 million, or 8 Canadian cents a share, in the three months ended Nov. 30, from C$13.0 million, or 14 Canadian cents a share, in the year-earlier period, the Toronto-based company said in a statement today.
Excluding C$3.6 million in restructuring charges, earnings were 11 Canadian cents a share, less than the 12 Canadian cents per share analysts predicted.
Revenue fell 6 percent to C$117.4 million, from C$124.9 million but was slightly above estimates of C$116.2 million.
The company's assets under management slipped to C$34.4 billion as of Nov. 30, largely due to net redemptions within institutional accounts. But the company's high-net-worth assets under management - a coveted segment of the market - rose 16 percent to C$4.0 billion.
Redemptions were 33.6 percent lower in the quarter from a year earlier. Redemptions have plagued the mutual fund industry for the last five years as investors flee volatility in the financial market.
The C$3.0 billion drop in institutional accounts to C$10.9 billion reflected a C$2.7 billion redemption related to a single legacy account.
"We continue to focus on our strategic priorities and we are encouraged with the results to date," Chief Executive Officer Blake Goldring said in the statement.