Gluskin Sheff + Associates announces December 31, 2007 assets under management and performance fees

    TORONTO, Jan. 17 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company")
announced today its preliminary Assets Under Management as at December 31,
2007 and its preliminary estimate of unaudited Performance Fees earned for the
Assets Under Management with a performance year ended December 31, 2007.
    The Company estimates that Performance Fees earned for the 12 month
performance period ended December 31, 2007 were approximately $12.5 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, 2007 were approximately $5.6
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 private clients and
institutional 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

    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 or at 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

    Non-GAAP Measures
    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 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

For further information:

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

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