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AGF profit falls, says challenges remain

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AGF Management Ltd's (AGF.B-T) quarterly net income fell 29 percent, hurt by market volatility caused by the European debt crisis, and the wealth manager said challenges remained for the industry.

"The latter half of 2011 brought a return to global market volatility and there are still challenges ahead for the asset management industry," said Chief Executive Blake Goldring.

The Toronto-based company's fourth-quarter earnings fell to $21.9 million, or 23 cents a share, from $30.9 million, or 34 cents a share, a year ago.

Revenue nudged up to $157.8 million from $155.9 million.

Analysts on average had expected adjusted earnings of 30 cents per share on revenue of $162.18 million, according to Thomson Reuters I/B/E/S.

Total assets under management (AUM) climbed 7 percent to $46 billion as a result of the acquisition of Acuity in the first quarter of 2011.

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