AGF Management Ltd. reported Wednesday a third-quarter profit of $14.8 million, up from $10.1 million a year ago despite lower revenues.

The mutual fund and wealth management company said the profit amounted to 17 cents per diluted share in the quarter ended Aug. 31, compared with 11 cents per diluted share, a year ago.

Revenue totalled $116.9 million, compared with $117.7 million year-over-year, reflecting fewer assets under management for institutional investors.

AGF (TSX:AGF.B) said its assets under management totalled $37 billion as of Aug. 31, compared with $36.4 billion year-over-year.

Assets managed for retail investors increased 5.2 per cent to $19.9 billion as of Aug. 31, compared with $18.9 billion in the third quarter of 2013.