Toronto-based AGF Management Ltd. (TSX:AGF) Wednesday reported lower net income for the first quarter ended Feb. 28.
Net income from continuing operations was $13.6 million compared to $17.1 million for the same quarter of 2014.
Diluted earnings per share (EPS) from continuing operations was $0.16 compared to $0.20 for the three months ended Feb. 28, 2014.
Total assets under management (AUM) increased to $36.7 billion at the end of the first quarter, compared to $36.1 billion as at Feb. 28, 2014.
Total retail fund AUM remained stable at $20.0 billion.
The trend of lower retail redemption levels continued into the first quarter as net redemptions were 18.6% lower than during the first quarter of 2014, decreasing from net redemptions of $0.6 billion to $0.5 billion in the same period in 2015.
Institutional and sub-advisory AUM was $11.8 billion at the end of the quarter, compared to $12.1 billion a year ago.
High-net-worth AUM increased to $4.6 billion, compared to $4.1 billion for the same period in 2014.
AUM related to the alternative asset management platform increased to $0.3 billion.
“Our investment performance is improving as is reflected by 51% of our ranked AUM for the three-year period now above median, a significant improvement from 22% a year ago,” says Kevin McCreadie, president and chief investment officer, AGF Investments Inc.”
During the first quarter of 2015, revenue from continuing operations was $111.7 million, compared to $116.9 million for the year earlier period, largely due to lower average retail AUM levels.