Gluskin Sheff + Associates Inc, the Canadian asset manager, had opened bids for the firm a while back. In a surprising move Monday, the firm took down the for sale sign for the time being.
This triggered a sharp decline in share values for the asset manager. The withdrawal came in a statement given as a response to a report by the Globe and Mail on the company accepting bids. Gluskin responded by saying that the firm had explored the possibility of a sale upon the request of Ira Gluskin and Gerald Sheff, the firm's founding shareholders.
It said the firm had concluded their search for bids but did not rule out the possibility of a future sale of the firm. In a statement, "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."
Gluskin currently has an asset management portfolio of Can$5.7 billion and would be very appealing to Canada's top six banks. All of them have expressed interest with an end goal of expanding their wealth management business both locally and internationally.
Join the Conversation