TORONTO, Nov. 5 /CNW/ -- Gluskin Sheff + Associates Inc. (the "Company") announced today its results for the three months ended September 30, 2009.

The Company's revenues are derived from Base Management Fees, calculated as a percentage of Assets Under Management ("AUM"), Performance Fees, which are earned when the Company exceeds pre-specified rates of return, and Investment and Other Income.

During the quarter, AUM increased by approximately $0.5 billion from approximately $4.5 billion as at June 30, 2009 to approximately $5.0 billion as at September 30, 2009. This increase is attributable to net additions of approximately $0.2 billion and approximately $0.3 billion in positive investment performance. AUM increased by approximately $0.6 billion from September 30, 2008 ($4.4 billion) to September 30, 2009 ($5.0 billion). This increase in AUM is attributable to net additions of approximately $0.6 billion.

For the three months ended September 30, 2009, Base Management Fees decreased to approximately $17.6 million from $19.1 million for the three months ended September 30, 2008, a decrease of approximately 8%. This decrease was due primarily to the decrease in average AUM over the respective periods. For the three months ended September 30, 2009, Investment and Other Income was approximately $0.05 million versus a $0.97 million loss for the three month period ended September 30, 2008. The increase was primarily due to realized and unrealized gains on seeded investment strategies offset by the decrease in interest and other income.

Base EBITDA (exclusive of Performance Fees and non-cash expenditures) for the three months ended September 30, 2009 was approximately $9.2 million, down from $10.3 million for the comparable three month period ended September 30, 2008. This decrease was primarily attributable to the decline in Base Management Fees.

Net Income was $5.8 million or $0.20 per common share for the three months ended September 30, 2009.

"We are generally pleased with the performance of our investment models across all asset classes over the quarter," commented Gerald Sheff, Chairman and Chief Executive Officer.