TORONTO, July 15, 2013 /CNW/ - Gluskin Sheff + Associates Inc. (the
"Company") announced today its preliminary estimate of Assets Under
Management (AUM) as at its fiscal year ended June 30, 2013 and its
preliminary unaudited estimate of Performance Fees for the six months
ended June 30, 2013.
Assets Under Management as at June 30, 2013 were approximately $6.2
billion net of Performance Fees, including approximately $1.9 billion
of AUM with a June 30 performance year end and approximately $3.8
billion of AUM with a December 31 performance year end. The Company
estimates that Performance Fees earned during the six months ended June
30, 2013 were approximately $11.0 million.
The Company expects that, after an allocation to the employee bonus pool
and a provision for income taxes, the Company's Board of Directors will
in due course declare a special dividend in respect of these
As previously recorded, the Company earned Performance Fees of $33.5
million during the six months ended December 31, 2012. A special
dividend of $0.65 per share was paid on March 15, 2013 in respect of
these Performance Fees.
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 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.
Included in this press release are certain financial terms (including
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
SOURCE: Gluskin Sheff + Associates Inc.
For further information:
Chief Financial Officer
Gluskin Sheff + Associates Inc.
Phone: 416 681 6036
Fax: 416 681 6380