Wealth management firm Gluskin Sheff + Associates Inc. (TSX:GS) Thursday reported an increase in first quarter profit.

Net income for the three months ended September 30 was $6.4 million, or $0.22 per common share, compared with $5.9 million, or $0.20 per common share, a year ago.

Total revenue for the quarter was $20.9 million, up from $18.6 million in the year-earlier period.

During the quarter, assets under management increased by to $5.8 billion at September 30, up from $5.5 billion at June 30.

The increase was due t net additions of $23 million and $292 million in positive investment performance, the company said.

“Building a pre-eminent wealth management business continues to be our sole focus,” stated Jeremy Freedman, president & CEO. “At the same time, we are proud to be implementing our fifth consecutive annual increase in our regular dividend.”

The company declared its regular quarterly dividend of $0.1375 per common share.

The Toronto-based wealth management firms serves high net worth private clients and institutional investors.

IE