Source: The Canadian Press

Gluskin Sheff and Associates Inc. (TSX:GS) saw its second-quarter earnings drop compared with a year ago, hit by lower performance fees.

The investment management firm said Thursday it earned $14.1 million or 48 cents per diluted share for the quarter ended Dec. 31 compared with a profit of $21.6 million or 73 cents per diluted share a year ago.

Revenue totalled $37.6 million, down from $63.3 million.

Performance fees totalled $15.8 million, down from $44.2 million a year ago.

Assets under management at Dec. 31 were $6.01 billion, up from $5.35 billion at the end of 2009.

Shares in the company, which reported its results after the close of markets, were up 51 cents at $23.21 Thursday on the Toronto Stock Exchange.