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Press Releases – 2009

Gluskin Sheff + Associates Inc. announces first quarter fiscal 2010 results
Company Release - 11/05/2009 10:23

TORONTO, Nov. 5 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company") announced today its results for the three months ended September 30, 2009.

The Company's revenues are derived from Base Management Fees, calculated as a percentage of Assets Under Management ("AUM"), Performance Fees, which are earned when the Company exceeds pre-specified rates of return, and Investment and Other Income.

During the quarter, AUM increased by approximately $0.5 billion from approximately $4.5 billion as at June 30, 2009 to approximately $5.0 billion as at September 30, 2009. This increase is attributable to net additions of approximately $0.2 billion and approximately $0.3 billion in positive investment performance. AUM increased by approximately $0.6 billion from September 30, 2008 ($4.4 billion) to September 30, 2009 ($5.0 billion). This increase in AUM is attributable to net additions of approximately $0.6 billion.

For the three months ended September 30, 2009, Base Management Fees decreased to approximately $17.6 million from $19.1 million for the three months ended September 30, 2008, a decrease of approximately 8%. This decrease was due primarily to the decrease in average AUM over the respective periods. For the three months ended September 30, 2009, Investment and Other Income was approximately $0.05 million versus a $0.97 million loss for the three month period ended September 30, 2008. The increase was primarily due to realized and unrealized gains on seeded investment strategies offset by the decrease in interest and other income.

Base EBITDA (exclusive of Performance Fees and non-cash expenditures) for the three months ended September 30, 2009 was approximately $9.2 million, down from $10.3 million for the comparable three month period ended September 30, 2008. This decrease was primarily attributable to the decline in Base Management Fees.

Net Income was $5.8 million or $0.20 per common share for the three months ended September 30, 2009.

"We are generally pleased with the performance of our investment models across all asset classes over the quarter," commented Gerald Sheff, Chairman and Chief Executive Officer. "We remain cautiously positioned however, as we await further indications regarding the real strength of the underlying global economy."

    Financial Highlights:
    (unaudited, $ '000s)                                       3 Months                  3 Months
                                                                            Ended                       Ended
                                                                       Sep 30, 2009                Sep 30, 2008

    Assets Under Management ($ in millions)     $       4,981             $       4,443

      Base Management Fees                                  $      17,558            $      19,102
      Performance Fees                                                    1,012                           42
      Investment & Other Income (Loss)                          46                            (972)
    Total Revenue                                                 $      18,616               $      18,172

    Base EBITDA                                                 $       9,218                 $      10,252

    Net Income                                                     $       5,782                  $       6,204

    Basic Earnings per Share                                           $0.20                         $0.21

    Diluted Earnings per Share                                       $0.20                           $0.21

The Company's full financial statements and Management's Discussion and Analysis can be found on the Company's website at and on


Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms serving high net worth private clients and institutional investors. Gluskin Sheff offers equity and fixed income investment portfolios in addition to being one of the largest managers of alternative investments in Canada. The Company's Subordinate Voting Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at


This press release may contain forward-looking statements relating to Gluskin Sheff + Associates Inc.'s business and the environment in which it operates. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's website at or at Actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.


Non-GAAP Measures

Included in this press release are certain financial terms (including Base EBITDA and AUM) that the Company utilizes to assess the financial performance of its business that are not measures recognized under Canadian generally accepted accounting principles (GAAP). These non-GAAP measures do not have any standardized meanings prescribed by GAAP and should not be considered alternatives to net income or any other measure of performance determined in accordance with GAAP. Therefore, these non-GAAP measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-GAAP measures, including the calculation of these measures, please refer to the "Non-GAAP financial measures" section of the Company's Management's Discussion and Analysis and its financial statements available on the Company's website and on the SEDAR website located at

Contact: Valerie Barker, Chief Financial Officer and Secretary, (416) 681-6002

    David Rosenberg

    Chief Economist & Strategist


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