AGF Management Ltd. says it has taken significant steps to reduce its expenses but its second-quarter results still took a hit from continued weakness in global markets. The Toronto-based investment management firm said its overall results were down year over year, but improved significantly compared to the first quarter of 2009. "The second quarter saw a rebound in stock markets and an improvement in mutual fund industry fundamentals, with net sales of long-term funds showing improved trends in April and May," said AGF chief executive officer Blake Goldring. The company reported a profit of $17.2-million or 19 cents per share for the quarter ended May 31, down 61 per cent from year-earlier profits of $44-million or 49 cents per share, but up 41 per cent from $12.2-million or 14 cents per share in the first quarter. AGF.B (TSX) closed at $11.61, up 60 cents.
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