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(January 30, 2008) AGF Management Limited has released its results for fiscal 2007, posting a net income of $175.9 million, up 72.3% from $102.1 million in 2006.

The company points out that it benefited from a $13.5 million recovery in income tax expenses, as federal corporate tax cuts took effect.

“Strong financial results continued into the fourth quarter, closing out an extremely successful year,” said Blake C. Goldring, AGF chairman and CEO. “We continue to focus on delivering value over the long term, and I am confident that we will reach new heights in the next chapter of our history.”

The firm declared itself first in net sales among all Canadian non-bank mutual fund firms, chalking up long-term fund inflows of $2.4 billion. Total assets under management increased by 25.7%, to $53.7 billion at the end of fiscal 2007, compared to $42.8 billion at the end of fiscal 2006.

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Caisse clarifies Norbourg judge’s comments

(January 30, 2008) The Caisse de dépôt et placement du Québec has issued a notice clarifying comments made by the judge in the trial of Norbourg president Vincent Lacroix.

“At no time did the investors defrauded by Vincent Lacroix deposit money with the Caisse, which has never managed funds belonging to such investors,” the Caisse said in the statement. “The Caisse was the main shareholder of Capital Teraxis, which sold mutual funds under the Evolution name. Evolution Funds held the amounts provided by the investors and hired six external managers, with no direct connection to the Caisse, to manage the mutual funds.”

The Caisse points out that it may accept deposits only from the province’s public bodies, such as pension plans or insurance funds.

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Jovian gets OK for private placement

(January 30, 2008) Jovian Capital has confirmed that its shareholders have approved the previously announced private placement that puts more than 32 million shares into the hands of Calgary businessman Murray Edwards.

Shareholders also agreed to expand the board of directors from eight to nine and approved amendments to the Employee Share Purchase Plan and Employee Stock Option Plan.

Regulators have approved Jovian’s acquisition of an additional 6% interest in BetaPro Management Inc., which boosts its stake to 39%.

(01/30/08)