Toronto-based AGF Management Ltd. (TSX:AGF.B)says it had $15.6 million of net income in its first quarter, or 17 cents per share.
The mutual fund and wealth management company’s revenue was $122.5 million in the three months ended Feb. 28, down from $132 million a year earlier.
AGF chief executive Blake Goldring said in a statement that retail sales of mutual funds were $537 million, slightly lower than in the first quarter of 2012.
However, he said its sales through the institutional channel were stable and there was strong growth in assets managed for high net worth individuals.
AGF’s net income from continuing operations in the first quarter of 2012 was $17.3 million or 18 cents per share.
A year earlier, AGF also had nine cents per share of net income from discontinued operations that have been sold, taking the year-earlier total to $26.1 million or 27 cents per share.