AGF Management Ltd. is reporting an increase in profit for the third quarter ended August 31. The fund management firm said the jump was driven by growth in the core mutual fund business, as well as support businesses in fund administration and trust company operations.

AGF said net income rose to $27.6 million, or 30¢ a share, from $21.8 million, or 23¢, in the year-before period.

“AGF is delivering value through strong free cash flow, significant share repurchases and aggressive moves to restructure our sales and marketing capabilities,” said Blake Goldring, president and CEO, in a news release.

Revenue was $107.6 million, up from $103.8 million.

The company said average daily mutual fund assets under management rose 4.5% to $23.4 billion in the quarter ended Aug. 31 from $22.4 billion in the third quarter of 2003.

Also today AGF said it appointed Greg Henderson as chief financial officer, effective October 15. Henderson succeeds William Cameron, who is retiring after 39 years at the company.

Henderson comes to AGF from Rogers Communications Inc. where he has served as vice-president, group controller since 2000. In this role, he was responsible for all accounting and reporting functions across the Rogers Group of Companies. He joined Rogers 11 years ago as vice-president, financial reporting at Rogers Wireless Communications Inc. and in 1995 was appointed vice-president, controller of the wireless company.

The company also announced a quarterly dividend of 11¢ a share.