Gluskin Sheff + Associates Inc. (the Company) announces Assets Under Management (AUM) of $8.2 billion, as at December 31, 2018, approximately 89% of which comprises high net worth individuals. Included in AUM are $6.2 billion of assets with a December 31 performance year-end, $1.3 billion of assets with a June 30 performance year-end and $0.7 billion of non-performance fee assets. AUM decreased by $700 million or 8.5% from September 30, 2018. This decrease in AUM is attributable to negative net investment performance of $592 million and net withdrawals of $108 million.
The Company estimates that Performance Fees earned during the quarter ended December 31, 2018, were $0.3 million. During the quarter ended December 31, 2017, the Company earned Performance Fees of $28.4 million.
The fourth quarter was the most challenging market we have been confronted with since the Global Financial Crisis, commented Jeff Moody, President & Chief Executive Officer. As investors in the same portfolios as our clients, we understand that a major event like the one we have just been through is difficult. Having said that, experience shows that challenging markets, such as the one we just experienced, tend to surface some outstanding investment opportunities.
Gluskin Sheff + Associates Inc. is one of Canadas pre-eminent wealth management firms, serving high net worth private clients, estates, trusts and institutional investors. Founded in 1984, the Company is dedicated to providing clients with strong risk-adjusted returns together with the highest level of personalized client service. The Company’s Common Shares are listed on the Toronto Stock Exchange under the symbol “GS”. For more information about the Company, please visit our website at www.gluskinsheff.com.
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This press release may contain forward-looking statements relating to Gluskin Sheff + Associates Inc.s business and the environment in which it operates. These statements are based on the Companys expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Companys regulatory filings available on the Companys website at www.gluskinsheff.com or at www.sedar.com. Actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances; except as required by applicable law.
Included in this press release are certain financial terms (including Base EBITDA and AUM) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (IFRS). These non-IFRS measures do not have any standardized meanings prescribed by IFRS and should not be considered alternatives to net income or any other measure of performance determined in accordance with IFRS. Therefore, these non-IFRS measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Companys use of non-IFRS measures, including the calculation of these measures, please refer to the Non-IFRS financial measures section of the Companys Managements Discussion and Analysis and its financial statements available on the Companys website and on the SEDAR website located at www.sedar.com.
Chief Financial Officer