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Press Releases – 2011




  February 10, 2011

Gluskin Sheff + Associates Inc. (the “Company”) announced today its results for the three months ended December 31, 2010.


Financial Highlights:


unaudited, $ ‘000s)




3 Months




3 Months




                                                                                         Dec. 31, 2010         Dec. 31, 2009


Assets Under Management ($ in millions)


$             6,009


$             5,350



Base Management Fees



$           21,024



$           18,777

Performance Fees



Investment and Other Income (Loss)



Total Revenue

$           37,610

$           63,279




$           10,453


$             9,671


Net Income


$           14,107


$           21,580


Basic Earnings per Share


$                0.48


$               0.74


Diluted Earnings per Share


$                0.48


$               0.73



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 $160 million from $5.8 billion as at
September 30, 2010 to $6.0 billion as at December 31, 2010.  This increase is attributable to positive investment performance of approximately $258 million and net withdrawals of approximately $98 million. AUM increased by approximately $0.7 billion from December 31, 2009 ($5.3 billion) to

December 31, 2010 ($6.0 billion). This increase in AUM is attributable to net additions of approximately
$177 million and approximately $482 million in positive investment performance.

 For the three months ended December 31, 2010, Base Management Fees increased to approximately

$21.0 million from $18.8 million for the three months ended December 31, 2009, an increase of approximately 12%. This increase was due primarily to the increase in average AUM over the period.

 Net Income was $14.1 million or $0.48 per common share for the three months ended December 31,

 2010 down from $21.6 million or $0.74 per common share for the three months ended December 31, 2009.

 “We are mindful of risk to capital in this volatile environment,” said Jeremy Freedman, President and Chief Executive Officer. “This economic story has not yet been fully written, and we continue to focus on the pursuit of strong risk-adjusted returns over investment cycles. Doing so will serve both our clients and our shareholders well.”

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



For More Information, please contact:
David R. Morris
Chief Financial Officer and Secretary

(416) 681-6036
















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    David Rosenberg

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