Topic: How To Invest

Please give me your thoughts on Gluskin Sheff + Associates. I enjoy your weekly comments. Thank you for the valuable advice through the past decade.

Article Excerpt

Gluskin Sheff + Associates, $27.25, symbol GS on Toronto (Shares outstanding: 31.7 million; Market cap: $839.5 million; www.gluskinsheff.com), is a Toronto-based wealth management firm that serves high-net-worth individuals and institutional investors. It has around $8.2 billion in assets under management. In August 2014, the company acquired Blair Franklin Asset Management Holdings, which specializes in fixed-income investments and has $635 million in assets under management. In the three months ended December 31, 2014, Gluskin earned $27.2 million, or $0.93 a share, down 54.9% from $60.3 million, or $2.10, a year earlier. Revenue fell 42.7%, to $69.3 million from $120.9 million. The company’s revenue comes from base management fees (a percentage of assets under management) and performance fees (earned when it exceeds pre-specified rates of return). In the latest quarter, Gluskin earned $42.0 million in performance fees, down sharply from $98.5 million a year earlier. Its performance fees are based on the investment performance of the stocks the company holds in its funds and client…

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