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AGF chief hopes diversification pays off

Mutual fund operator AGF Management Ltd. figures its diversification over the past few years has left it better positioned to weather the continuing downturn in financial markets. "While we will be impacted, undoubtedly, as all firms in the industry, according to the markets, we are a more diverse company and much better positioned to go through a period of market turndown than we were, say, 10 years ago," Blake Goldring, AGF chairman and chief executive officer, said yesterday after the Toronto company unveiled a nearly 65 per cent year-over-year increase in first-quarter profit. Those results showed the firm's profit for the three months ended Feb. 29 came in at $62.7-million, or 70 cents a share, although a future income tax reduction accounted for $19.5-million, or 22 cents a share, of this. This was up from $38.1-million, or 42 cents a share, in last year's first quarter.

© 2007 The Globe and Mail. All rights reserved.

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