April 15 (Bloomberg) -- Gluskin Sheff + Associates Inc. said it has concluded a review on ways to maximize shareholder value for the Toronto-based money manager, following a report that the company may be for sale.
“The founders, the board and management have concluded that the current platform remains an excellent way to serve clients and enhance shareholder value at this time,” the firm said today in a statement.
Gluskin Sheff hired bankers for a possible sale and buyers have submitted bids, the Globe and Mail reported earlier today. Suitors may include Canada’s largest banks, another money manager or private-equity firms, the newspaper said. The company said it did undertake “a process to explore shareholder value maximization alternatives” at the request of its founding shareholders.
“The company will only comment further on this matter if and when appropriate,” the firm said in its statement. David Morris, chief financial officer for Gluskin Sheff, didn’t immediately return calls seeking comment.
Gluskin Sheff was founded in 1984 by Ira Gluskin and Gerald Sheff to serve wealthy clients and institutional investors, according to the company website. The firm now offers equity, fixed income and alternative investment strategies.
The stock has surged 27 percent this year, outperforming the 2.5 percent decline for Canada’s benchmark Standard & Poor’s/TSX Composite Index. Trading in the stock was halted today.
To contact the reporter on this story: Doug Alexander in Toronto at email@example.com