Gluskin Sheff quarterly profit slips as fees drop
(Reuters) - Canadian asset manager Gluskin Sheff + Associates Inc reported on Thursday a 55 percent drop in quarterly profit on a sharp decline in performance fees.
The company said net income fell to C$27.2 million, or 86 Canadian cents per share, in the quarter ended Dec. 31. That compared with C$60.4 million, or C$2.05 per share, in the year ago period.
Gluskin Sheff separately said it would issue a special dividend of 60 Canadian cents per share, related to performance fees earned during the six-month period ended Dec. 31. The special dividend will be paid on Feb. 27, along with the regular quarterly dividend of 22.5 Canadian cents per share.
Assets under management rose to C$8.2 billion in the three months period, up from C$8.1 billion in the previous quarter and from C$6.8 billion a year ago.
Revenue, derived from base management fees and performance fees, slid to C$69.3 million from C$120.9 million.
Gluskin Sheff, which focuses on high net worth and institutional clients, said that it expects the market to remain volatile in the months ahead, with a long-term positive view.
(Reporting by Solarina Ho in Toronto and Julie Gordon in Vancouver; Editing by Bernard Orr)
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