Money manager AGF Management Ltd. (TSX:AGF.B) reported Wednesday a first-quarter profit of $26.1 million, down 10.6% from a year-earlier $29.2 million
Total consolidated revenue decreased to $155.5 million from $162.2 million, the investment company said in a news release. Earnings per share were 27 cents compared with 32 cents per share, year-over-year.
However, total assets under management increased by 3.9% to $47.8 billion for the quarter ended February 29.
“With the strong rebound in North American equity markets, coupled with the investments we have made in our asset management platform, we feel AGF is well positioned to experience positive momentum in its performance and continued growth in our assets,” said chairman and CEO Blake Goldring.
AGF Trust loan assets remained constant year-over-year although loan originations of $175.1 million were 254.5% higher than in the first quarter of 2011.
Provision for loan losses decreased 47.1% or $1.8 million for the quarter, reflecting improved economic conditions and a stronger credit quality of the loan book, AGF said.
AGF Management’s products include a diversified family of mutual funds. The company also manages assets on behalf of institutional investors including pension plans, foundations and endowments as well as for private clients.
Shares in the company were down four cents at $15.71 in morning trading on the Toronto Stock Exchange.