September 16, 2010 / 10:17 PM / in 7 years

UPDATE 1-Gluskin Sheff Q4 results lag estimates

* Q4 EPS C$0.20 vs est C$0.22

* Q4 rev C$21.8 mln vs est C$23.7 mln

* Q4 performance fees fell 24 pct

Sept 16 (Reuters) - Canadian wealth manager Gluskin Sheff + Associates Inc (GS.TO) posted fourth quarter results that missed estimates, hurt by lower performance fees.

The company, whose primary business focus is managing equity assets on a discretionary basis for high-net-worth private clients, also named David Morris its new chief financial officer, effective Sept. 27.

For the April-June quarter, the company posted net income of C$5.8 million, or 20 Canadian cents a share, compared with net income of C$5.8 million, or 20 Canadian cents a share, ayear ago.

Revenue for the quarter rose 16 percent to C$21.8 million.

Analysts on average were expecting earnings of 22 Canadian cents a share on revenue of C$23.7 million, according to Thomson Reuters I/B/E/S.

Performance fees for the quarter fell 24 percent to C$1.9 million.

Shares of the Ontario-based Gluskin Sheff, which have shed 24 percent since it reported last quarter results on May 6, closed up 3 Canadian cents at C$16.50 Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu)

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