Gluskin Sheff + Associates, $19.89, symbol GS on Toronto (Shares outstanding: 16.8 million; Market cap: $718.3 million; www.gluskinsheff.com), is a Toronto-based wealth management firm that serves wealthy clients and has a somewhat aggressive investment style. Gluskin Sheff has around $5.7 billion of assets under management.
In the quarter ended March 31, 2013, Gluskin earned $0.23 a share, up 35.3% from $0.17 a share a year earlier. Revenue rose 10.9%, to $21.6 million from $19.5 million. Cash flow gained 42.7% in the latest quarter, to $8.3 million, or $0.29 a share, from $5.8 million or $0.20 a share.
Gluskin’s fee income rises and falls with the value of the funds it manages, so the company’s revenue, earnings and cash flow rise when the value of these assets increases. Rising stock markets pushed up the value of the company’s assets under management in the latest quarter.
Gluskin Sheff should continue to benefit as the number of wealthy Canadians continues to increase. However, the investment management…
Privacy Policy and Terms of Use
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Changes to this Policy
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