Toronto-based AGF Management Ltd. posted a 12% improvement in gross retail mutual fund sales during the third quarter (Q3) ended Aug. 31 compared with the corresponding period in 2014, the company announced on Wednesday.
However, net income for Q3 fell by almost 20% to $11.9 million from $14.8 million in the three months ended Aug. 31, 2014.
Earnings before interest, taxes, depreciation and amortization from continuing operations were $31.8 million for Q3 compared with $38.5 million in the year earlier period.
Net income from continuing operations was $11.9 million compared with $14.8 million in Q3 2014 and diluted earnings per share from continuing operations were $0.14, compared with $0.17 for Q3 2014.
Revenue from continuing operations slipped to $115.8 million, compared to $116.9 million for Q3 2014.
“Despite the dramatic market volatility, we executed on our core priorities throughout the third quarter and saw consistent performance across key asset classes with our managers adding value in Canadian equity, global and emerging markets funds,” says Blake Goldring, AGF’s chairman and CEO, in a statement.
“Our capital position remains strong and we are committed to investing in the growth of our business,” he adds.
Total assets under management (AUM) dipped to $33.3 billion as of Aug. 31 compared with $37 billion at the end of Q3 2014. Total retail mutual fund AUM slipped to $18.2 billion vs $19.9 billion in the year earlier period while institutional and subadvisory AUM dropped to $10.5 billion from $12.4 billion year-over-year.
High-net-worth AUM remained stable at $4.4 billion, compared with $4.4 billion for the corresponding period in 2014. Alternative asset-management platform AUM was $0.3 billion as of Aug. 31.