Gluskin Sheff profit rises more than 150 percent

Thu Sep 18, 2014 7:44pm EDT
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Canadian asset manager Gluskin Sheff + Associates Inc said its quarterly profit more than doubled as assets under management rose 21.5 percent and performance fees increased.

The company declared a special dividend of 35 Canadian cents a share and said it plans to increase its regular quarterly dividend to C$0.225 beginning with the first-quarter dividend for fiscal 2015.

Gluskin Sheff, which focuses on high net worth and institutional clients, said net income rose to C$30.4 million ($28 million), or C$1.02 per share, for the fourth quarter ended June 30, from C$12.02 million, or 41 Canadian cents per share, a year earlier.

Gluskin Sheff said the special dividend, which is in addition to its regular quarterly dividend of 20 Canadian cents per share, was due to higher performance fees earned during the six months ended June 30, 2014.

Those fees, totaled C$54.1 million in the fourth quarter, compared with C$9.9 million a year earlier.

Assets under management rose to C$7.49 billion from C$6.16 billion.

Revenue jumped more than 150 percent to C$78.6 million.

Gluskin's shares, which have risen more than 20 percent this year, closed at C$30.25 on the Toronto Stock Exchange on Thursday.

(Reporting by Anannya Pramanick, Krishna Chaithanya in Bangalore and Solarina Ho in Toronto; Editing by Don Sebastian and Andre Grenon)