Ira Gluskin and Gerry Sheff of Gluskin Sheff + Associates Inc.Alyssa Bistonath
Two of Gluskin Sheff + Associates Inc.'s portfolio managers have left the firm, taking an analyst along with them.
The departees include Reno Giancola, who used to oversee Gluskin's long/short investing strategy and is well-known in the industry.
Gluskin Sheff chief executive officer Jeremy Freedman confirmed the departures in an email.
"While we appreciate the contribution each of the departing PM's made to our firm, we made no attempt whatsoever to persuade them to stay," he wrote.
The departures come after The Globe and Mail reported last month that Gluskin Sheff hired investment bankers to solicit takeover bids for the asset manager. Ira Gluskin and Gerald Sheff, the firm's co-founders, confirmed the report in a statement, noting that "they undertook a process to explore shareholder value maximization alternatives, which process has now concluded."
The verdict: no sale now, but they left the window open for something in the future. "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," they said.
Mr. Freedman, who became chief executive officer in 2009, said the departures follow some hires in the past year and a half, which included bringing on Tony Solomon, former co-president of Merrill Lynch Canada, and Peter Mann, a senior portfolio manager with Cumberland Asset Management.
"The strategies previously managed by the departing (portfolio managers) are now in the very capable hands of senior members of our investment department," he added. Jeannine LiChong is now managing the income long/short fund and Peter Mann and David Hodgson have taken over the Focused Long/Short Fund. Chief investment officer Bill Webb has taken over managing the resource portfolio.
Gluskin Sheff operates in a unique corner of the market, catering to families and individuals who have considerable assets, often worth $1-million or more. That puts the company into the coveted high net-worth category that the banks are aggressively pursuing.
(Tim Kiladze is a Globe and Mail Reporter.)
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Tim Kiladze