TORONTO, Oct. 16, 2017 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company") announced today its estimated Assets Under Management ("AUM") as at September 30, 2017, and the components of the change in AUM.
Estimated Assets Under Management as at September 30, 2017, were $8.9 billion, approximately 86% of which comprises high net worth clients. AUM increased by $37 million from June 30, 2017. This increase in AUM is attributable to positive net investment performance of $67 million partially offset by net withdrawals of $30 million. Net withdrawals of $47 million from high net worth clients were partially offset by net additions of $17 million from institutional clients.
Assets Under Management include assets with December 31 and June 30 performance year-ends, and non-performance fee assets.
Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms, serving high net worth private clients, estates, trusts and institutional investors. Founded in 1984, the Firm is dedicated to providing clients with strong risk-adjusted returns together with the highest level of personalized client service. The Company's Common 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, except as required by applicable law.
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 International Financial Reporting Standards (IFRS). These non-IFRS measures do not have any standardized meanings prescribed by IFRS and should not be considered alternatives to net income or any other measure of performance determined in accordance with IFRS. Therefore, these non-IFRS measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-IFRS measures, including the calculation of these measures, please refer to the "Non-IFRS 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: please contact: David Morris, Chief Financial Officer, (416) 681-6036