TORONTO, Jan. 17 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company")
announced today its preliminary estimate of Assets Under Management as
at December 31, 2010 and its preliminary unaudited estimate of
Performance Fees for the quarter ending December 31, 2010.
The Company estimates that Performance Fees (net of those due to
sub-advisors) earned for the quarter ended December 31, 2010 were
approximately $13.0 million.
Assets Under Management as at December 31, 2010 (net of Performance
Fees) were approximately $6.0 billion. Included in Assets Under
Management are $2.8 billion of assets with a performance fee year-end
of December 31 and $2.3 billion with a performance fee year-end of June
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
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:
Chief Financial Officer