* Q2 EPS C$0.25 vs C$0.35 a year earlier
* Assets under management drop 16.6 pct as markets fall
* Earnings miss expectations
June 27 Canadian fund manager AGF Management
Ltd's quarterly profit dropped 24 percent and assets
under management also fell as declining financial markets pushed
investments lower and hurt sales of mutual funds.
For the fiscal second quarter, ended May 31, the company
earned C$50.3 million ($48.92 million) from continuing
operations, down from C$66.2 million a year ago.
Earnings per share were 25 Canadian cents, down from 35
Canadian cents a year earlier. Earnings per share from
continuing investment management operations, excluding earnings
from AGF Trust because it has been sold, were 17 Canadian cents
Analysts had expected 28 Canadian cents a share, according
to Thomson Reuters I/B/E/S.
Assets under management dropped 16.6 percent to C$43.2
billion as global financial markets declined and redemptions
from the investment management segment ate into assets.
The decline in assets under management drove revenue from
continuing operations down 15.6 percent to C$133.5 million.
AGF, one of Canada's three big independent asset managers,
was hard hit by the 2008 global financial crisis and has
struggled to regain its footing.
The mutual fund company said earlier this month that it had
sold its AGF Trust Co unit to Laurentian Bank of Canada's B2B
Trust subsidiary for C$415.5 million.
"The sale of AGF Trust strengthens our position as a leader
focused on our retail and institutional asset management
business," Blake Goldring, chief executive of AGF, said in a
"I am proud of what we have already achieved this year in a
very difficult market environment and see many opportunities for
the growth of our investment management operations, both in
Canada and internationally."
Shares of AGF closed at C$11.06 on Tuesday on the Toronto