Gluskin Sheff + Associates Inc. announces staff changes

Patrick Keeley joins the team as Vice-President, Risk Management

Departure of Vice President and portfolio manager, Brad Dunkley

TORONTO, Jan. 19 /CNW/ - Gluskin Sheff + Associates Inc. ("Gluskin Sheff" or the "Company"), one of Canada's pre-eminent wealth management firms serving high net worth investors, is pleased to announce that Patrick Keeley has joined the Firm as Vice-President, Risk Management.

Based in Toronto, Mr. Keeley's experience and expertise will further strengthen Gluskin Sheff's ability to provide the highest level of service to its clients. Prior to joining Gluskin Sheff, Mr. Keeley served as Co-President of RBC Phillips Hager & North Investment Counsel Inc.

"We are pleased to welcome Patrick to our expanding team of risk management professionals. His decision to join Gluskin Sheff further demonstrates our commitment to bringing best-in-class talent to bear for our clients," said Jeremy Freedman, Deputy Chief Executive Officer.

Mr. Keeley brings to Gluskin Sheff more than 20 years of experience in the financial services industry both in Canada and the U.S. Prior to his role as Co-President of RBC Phillips Hager & North Investment Counsel Inc., Mr. Keeley was President of RBC Private Counsel Inc. and prior to joining RBC, Mr. Keeley held senior positions at Bank of Montreal and Charles Schwab Canada. In 2006, he was named one of Canada's Top 40 Under 40.

The Company also announced today that Brad Dunkley, a Vice President and one of the portfolio managers in its alternative investment space, will be leaving the Firm at the end of the month to pursue other interests. Brad will work with Bill Webb, the Firm's Chief Investment Officer, and other members of its investment team to ensure a smooth transition.

"I'd like to thank Brad on behalf of the Firm for his contributions over the years and wish him well in his future endeavours," said Bill Webb, Chief Investment Officer. "Our team remains deep in talent and experience, and just as we have added David Rosenberg, Mark Wisniewski, Dean Smith, David Vankka and, most recently, Patrick Keeley to our senior ranks over the past year, we will continue to seek out and invest in the best talent in order to better serve our clients."

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.

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

SOURCE Gluskin Sheff + Associates Inc.

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


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