Gluskin Sheff quarterly profit slips as fees drop

Thu Feb 5, 2015 6:05pm EST
 
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Feb 5 (Reuters) - Canadian asset manager Gluskin Sheff + Associates Inc pfi 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.

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)