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File photo of Blake Goldring, CEO of AGF Management.

Yvonne Berg/yvonne berg/The Globe and Mail

Canadian wealth manager AGF Management Ltd. said fourth-quarter profit fell 29 per cent, hurt by market volatility caused by the European debt crisis.

For the fourth-quarter, the company earned $21.9 million, or 23 cents a share, compared with $30.9 million, or 34 cents a share, a year ago.

Revenue increased slightly to $157.8 million from $155.9 million a year ago.

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"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 officer Blake Goldring.

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