AGF Management, a Canada-based fund manager, has reported a net loss from continuing operations of C$10.4 million (US$9.96 million) for the second quarter ended 31 May 2013, compared to a net income of C$16.8 million (US$16.09 million) for the same period of 2012.
The company recorded a tax provision of C$25.9 million tax during the quarter to reflect uncertainty about a continuing dispute with the Canada Revenue Agency (CRA) over the transfer pricing and allocation of income between one of AGF’s Canadian entities and a foreign subsidiary.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
For the second quarter of 2013, AGF Management’s total assets under management (AUM) were C$37.6 billion, compared to C$43.2 billion during the same quarter of 2012.
Revenue from continuing operations was C$126.9 million for the three months ended 31 May 2013, compared to C$133.5 million for the corresponding period of 2012.
Blake Goldring, chairman and CEO of AGF Management, said: "We are optimistic about the business going into the second half of 2013. From encouraging macroeconomic signals to some significant business wins for AGF, we are well positioned to take advantage of the improving economic climate and demand for global mandates."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
