The firm’s adjusted earnings hit 0.72 Canadian dollars per share, comfortably outpacing the 0.54 per-share estimate anticipated by FactSet analysts. Revenue for the quarter climbed to 126.7 million Canadian dollars, a significant jump from the 99 million recorded during the same timeframe last year.
In section Market Quotes
AGF Management Profit Climbs on Asset Growth
Toronto-based AGF Management reported a sharp rise in second-quarter net income to 46.3 million Canadian dollars, nearly doubling the year-ago figure of 24.3 million. The asset manager’s performance was buoyed by a surge in fee-earning assets and strong cash flow generation through the period ending May 31.
Driving the momentum, management and advisory fees grew 14% to 135.8 million Canadian dollars, a result the company attributed to higher average assets under management. The AGF Capital Partners alternatives division served as a standout performer, with revenue soaring 82% to 26.6 million Canadian dollars. By the end of May, the company’s total assets under management and fee-earning assets reached 74.7 billion Canadian dollars, up from 60.5 billion just three months prior. Additionally, AGF generated 36.4 million Canadian dollars in free cash flow, marking a 52% increase over the previous year.
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