The Canadian Press

AGF Management Ltd. (TSX:AGF.B) reported Wednesday a fourth-quarter profit of $45.5 million, reversing a loss posted in the same period a year earlier.

The Toronto-based investment management firm said its net income amounted to 50¢ per diluted share for the period ended Nov. 30, versus a year-earlier loss of $19.3 million or 21¢ per share.

Quarterly revenue increased to $157.7 million, up 3.6% from $152.2 million a year earlier.

AGF said assets under management rose 25.4% to $44.6 billion from $35.6 billion.

For fiscal 2009, net income was $97.7 million or $1.09 per share diluted versus income of $128.6 million, or $1.41 per share diluted in 2008.

“Despite extraordinary instability that characterized financial markets in the early part of 2009, our results reflect our growth strategy at AGF,” said chief executive Blake Goldring in a release.

The company said it plans to raise its quarterly dividend a penny to 26¢ per share beginning in March.