Argo Group Share News (ARGO)

Emerging markets fund manager Argo Group saw assets under management decline to $403.2m in 2010 from $439.5m at the end of 2009, though the rate at which redemptions took place declined as the year wore on.Revenues eased to $10.9m in 2010 from $11.7m the year before but profit before tax edged up to $2.5m from $2.4m a year earlier. Net assets remained unchanged at $44.5m, despite dividend payments and share buybacks of $1.7m during the year.The company has proposed a final dividend of 1.2p, up from 1p in 2009. "Argo has made very good progress in a particularly challenging and difficult environment," claimed Kyriakos Rialas, the company's chief executive. "Our profitability remains consistent and we have continued confidence about the future of the business and the outlook for new asset gathering," he added.