Canada asset manager Gluskin Sheff up for sale -report
TORONTO, April 15 (Reuters) - Canadian asset manager Gluskin Sheff + Associates Inc is entertaining takeover offers, according to a report in the Globe and Mail newspaper that cited unnamed sources.
The newspaper, citing people familiar with the matter, said the company has hired investment bankers to explore the possibility of a sale and interested buyers have submitted bids.
Gluskin Sheff declined to immediately comment on the report.
As of Friday's market close, the Toronto-based company had a market value of C$549 million ($541.7 million), the report said.
The report of the potential sale comes as stock markets in the United States reach record highs, although Toronto's S&P/TSX Composite Index has lagged the gains.
Rising markets have boosted the value of Gluskin Sheff's assets under management, which were C$5.7 billion at the end of the last quarter, and they raise the likelihood that the firm's investment returns will meet more targets that will trigger performance fees, the Globe reported.
Possible acquirers could include the big Canadian banks, several of whom have said their growth priority is in wealth management.
© Thomson Reuters 2016 All rights reserved.