News

Gluskin Sheff reports first-quarter profit of $6.7 million as revenue grows

TORONTO – Investment manager Gluskin Sheff and Associates Inc. (TSX:GX) reported a first-quarter profit of $6.7 million, up from $5 million a year ago, as it grew its assets under management by more than 10 per cent.

The company said Thursday the profit amounted to 23 cents per share for the quarter ended March 31, up from 17 cents per share a year ago.

Growth in the market value of its assets helped revenue climb to $21.6 million from $19.5 million a year ago.

Assets under management grew to $6.1 billion at the end of the quarter, compared with $5.5 billion a year ago and $5.7 billion at the end of 2012.

Base management fees were $19.2 million, up from $18.1 million for the same year-earlier period, while performance fees were $1.6 million, up from $433,000.

“We are pleased to report that the strong risk-adjusted investment performance we delivered across all asset classes throughout calendar 2012 continued into the most recent quarter,” said president and CEO Jeremy Freedman in a statement.

“We are also pleased that this solid investment performance is now translating into net additions from both new and existing clients.”

Gluskin Sheff manages investment portfolios for wealthy clients and institutional investors.