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AGF Management Ltd. announced Wednesday that fourth-quarter profit dropped slightly and it would acquire 14 funds from a unit of ING Canada Inc.

AGF, Canada's eighth-largest mutual fund manager, said it earned C$21.2 million ($17 million) or 23 Canadian cents per share, an 11% decrease from C$23.8 million, or 26 Canadian cents a share, in the year-ago period.

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