Ira Gluskin, President and Chief Investment Officer of Gluskin Sheff & Assc. Inc. during a panel discussion of the Real Estate Forum, Property Values, 2005 in Toronto, Ontario, Canada.Deborah Baic/The Globe and Mail
Gluskin Sheff + Associates Inc. co-founders Gerald Sheff and Ira Gluskin will retire from the board of directors in December. Mr. Sheff was the board's chair. Mr. Gluskin was the vice chair.
The news follows the the venerable money managers' September decision to sell a large stake in the company they co-founded nearly three decades ago.
This $122-million bought deal collapsed the company's dual share classes and left Mr. Gluskin and Mr. Sheff each with only 2 per cent of the company. They controlled more than half of the company's multiple voting shares less than one year ago, according to company filings.
The pair announced their retirement concurrent with positive third quarter earnings on Thursday. Assets under management (AUM) rose by $182-million to $6.3-billion in the quarter.
"Ira and I are privileged to have been a part of the company's remarkable growth and evolution from a single fund with $26-million in AUM in 1984, to one of Canada's pre-eminent wealth management firms serving high net worth investors with over $6.3-billion in AUM today," said Mr. Sheff in a statement.
But Mr. Sheff and Mr. Gluskin won't be too far away. The two will be appointed honourary directors of the firm "in recognition of their many years of service," the company said in a statement on Thursday.
Gluskin Sheff + Associates chief executive Jeremy Freedman said the firm is well positioned for the future. "Ira and Gerry founded a unique and innovative firm that has distinguished itself time and time again in a highly competitive industry," he said.
Mr. Gluskin and Mr. Sheff will retire from the board at the company's annual meeting on Dec. 18.