Gluskin Sheff + Associates Inc. Announces Assets Under Management, Performance Fees and Executive Appointments

    TORONTO, July 14 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company")
announced today its preliminary Assets Under Management as at its fiscal year
ended June 30, 2008, its preliminary estimate of unaudited Performance Fees
for the 3 and 12-month periods ended June 30, 2008, and certain executive
    Assets Under Management as at June 30, 2008 net of performance fees were
approximately $5.6 billion. The Company estimates that Performance Fees for
the 3 month period ended June 30, 2008 were approximately $6 million. These
Performance Fees relate primarily to $3.6 billion of Assets Under Management
with a June 30th performance year end. The Company further estimates that
Performance Fees for the full fiscal year were approximately $19 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 determine to have the Company pay out to shareholders a substantial
portion of the balance of the Performance Fees by way of special dividend.
    The Company also announced the appointments of Jeremy Freedman, Executive
Vice-President and Chief Operating Officer, to Deputy Chief Executive Officer
and Bill Webb, Vice President and Portfolio Manager, to Deputy Chief
Investment Officer. "Jeremy and Bill have contributed very significantly to
the success of Gluskin Sheff over their many years with the firm" said Gerald
Sheff, Chairman and Chief Executive Officer. "The Board of Directors is making
these appointments as part of an ongoing transition and succession planning
process. Ira Gluskin and I look forward to working closely with both Jeremy
and Bill as they assume increased responsibilities in their new roles."

    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,
Gluskin Sheff + Associates Inc., Phone: (416) 681-6002, Fax: (416) 681-6380

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