AGF Management Ltd. says its first-quarter profit fell by 80 per cent due to high loan-loss provisions at its trust division and lower revenue from its investment management operations.
Chairman and CEO Blake Goldring says the investment management firm is making structural changes to improve efficiency and cut costs. AGF has reduced its staffing levels by 15 per cent and is reviewing its overall compensation plans.
The company said it will maintain its quarterly dividend at 25 cents.
AGF is Canada’s ninth-largest independent mutual fund operator. It also sells GICs, loans and mortgages.