Gluskin Sheff + Associates announces December 31, 2008 Assets Under Management and Performance Fees



    TORONTO, Jan. 19 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company")
announced today its preliminary estimate of Assets Under Management as at
December 31, 2008 and its preliminary unaudited estimate of Performance Fees
earned for the Assets Under Management with a performance year ended December
31, 2008.
    The Company estimates that Performance Fees earned for the 12 month
performance period ended December 31, 2008 were approximately $3.0 million.
These Performance Fees relate primarily to $1.8 billion of Assets Under
Management with a December 31 performance year end.
    Assets Under Management as at December 31, 2008 were approximately $3.7
billion, net of the Performance Fees relating to the Assets Under Management
with a December 31 performance year end.

    Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's
pre-eminent wealth management firms serving high net worth investors. 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.

    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 www.sedar.com.




For further information:

For further information: Valerie Barker, Chief Financial Officer and
Secretary, (416) 681-6002


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