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AGF’s profit falls in first quarter

AGF Management Ltd. says its first-quarter profit fell by 80 per centdue to high loan-loss provisions at its trust division and lowerreve­nue from its investment management operations.

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
AGF is Canada’s ninth-larg­est inde­pen­dent mutual fund operator. It also sells GICs, loans and mortgages.

 
 
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