AGF Management Ltd. is reporting record total revenue and net income in fiscal 2001.

For the year ended Nov. 30, 2001, the mutual fund and wealth-management company said consolidated net income was $163.8 million, or $1.77 a share, up from $95.9 million, or $1.17 a share, from one year ago.

AGF said the record results were due to rigorous cost controls, and strong fund performance despite a volatile environment and weak investor confidence

“Our focus on cost control and fund performance has paid off and we benefited greatly from the strength of our brand and the committed team of financial advisors who sell our products and services,” said Blake Goldring, AGF president and CEO.

Consolidated revenue for the year jumped 26% to $640 million from $508.7 million last year. Net sales of long-term mutual funds in 2001 reached a record $2.6 billion.

AGF said it experienced one of the industry’s lowest redemption rates of 11.9%.

Mutual fund assets under management increased over the year to $27.5 billion, up from $27 billion a year ago.