TORONTO--(BUSINESS WIRE)--
Gluskin Sheff + Associates Inc. (the “Company”) is pleased to announce record Assets Under Management (“AUM”) of $9.0 billion, as at December 31, 2017, approximately 87% of which comprises high net worth individuals. Included in AUM are $6.5 billion of assets with a December 31 performance year-end, $2.1 billion of assets with a June 30 performance year-end and $0.4 billion of non-performance fee assets. AUM increased by $55 million or 0.6% from September 30, 2017. This increase in AUM is attributable to positive net investment performance of $221 million partially offset by net withdrawals of $166 million. Half of the net withdrawals during the quarter were attributable to one client.
The Company estimates that Performance Fees earned during the quarter ended December 31, 2017, were $28.4 million, and relate primarily to those Funds with a performance year-end of December 31st. During the quarter ended December 31, 2016, the Company earned Performance Fees of $37 million.
"The Company ended calendar 2017 with record Assets Under Management and solid investment performance,” commented Jeff Moody, President & Chief Executive Officer. “I am very confident in our team and excited by our prospects for the coming year.”
Gluskin Sheff + Associates Inc. is one of Canada’s pre-eminent wealth management firms, serving high net worth private clients, estates, trusts and institutional investors. Founded in 1984, the Company is dedicated to providing clients with strong risk-adjusted returns together with the highest level of personalized client service. The Company's Common Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at www.gluskinsheff.com.
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 www.gluskinsheff.com or at www.sedar.com. 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; except as required by applicable law.
Non-IFRS 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 International Financial Reporting
Standards (IFRS). These non-IFRS measures do not have any
standardized meanings prescribed by IFRS and should not be considered
alternatives to net income or any other measure of performance
determined in accordance with IFRS. Therefore, these non-IFRS
measures are unlikely to be comparable to similar measures presented by
other issuers. For additional information regarding the Company’s use of
non-IFRS measures, including the calculation of these measures, please
refer to the “Non-IFRS 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 www.sedar.com.
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