September 17, 2009 / 10:43 PM / 9 years ago

UPDATE 1-Gluskin Sheff CEO, CFO to step down; Q4 profit halves

* Q4 EPS C$0.20 vs C$0.38 year ago

* Q4 rev down 34 pct

Sept 17 (Reuters) - Canadian wealth manager Gluskin Sheff Associates Inc (GS.TO) said two of its top executives would step down, and reported a 47 percent fall in quarterly profit hurt by lower investment-services fees.

The company said Gerald Sheff would step down as chief executive on or before Nov. 4, 2010, and it named Jeremy Freedman as his successor.

Gluskin Sheff said Chief Financial Officer Valerie Barker would leave the company to pursue other opportunities and its chief investment officer Ira Gluskin intend to relinquish his responsibilities. Bill Webb will succeed Ira Gluskin.

For the fourth quarter, the company earned C$5.8 million, or 20 Canadian cents a share, down from C$11 million, or 38 Canadian cents, a year ago.

Total revenue fell 34 percent to to C$18.9 million.

Analysts on average expected earnings of 19 Canadian cents, before items, on revenue of C$18 million, according to Reuters Estimates.

Gluskin Sheff said base management fees decreased 24 percent to C$15.8 million.

Shares of the company closed C$17.40 Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Pradeep Kurup)

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