AGF Management Ltd. is reporting weaker full-year profit for the year ended Nov. 30, 2002. Consolidated net income fell to $119.8 million or $1.30 per share down from $163.8 million, or $1.79 per share, in the same period one year ago.

The fund management firm said bearish financial markets and new accounting policies regarding incomes taxes and goodwill bit into earnings, despite an increase in revenues.

On an adjusted basis, AGF said net income fell 5.3% to $80.1 million from $84.6 million in 2001.

Revenue rose to $654.1 million from $640 million, aided by the company’s acquisition of two businesses that provide third-party administrative services. AGF acquired, through Unisen Inc., TD Bank’s third-party administration business and Jewelstone Systems Inc.

“AGF took decisive steps this year to diversify revenue sources and broaden the scope of our business,” said Blake Goldring, president and CEO of AGF.”