Net income at Gluskin Sheff + Associates Inc. decreased during the first quarter as base management fees fell 8%, the company said Thursday.

Net income for the quarter ended September 20 was $5.8 million, or 20¢ a share, compared with $6.2 million, or 21¢ a share, in the year earlier period.

Total revenues for the quarter increased to $18.6 million from $18.2 million a year ago, as increased investment income offset declines in base management fees.

Base management fees fell to $17.6 million from $19.1 million in the year-earlier period, as average assets under management (AUM) declined over the respective periods, the company says.

“We are generally pleased with the performance of our investment models across all asset classes over the quarter,” stated Gerald Sheff, chairman and CEO. “We remain cautiously positioned however, as we await further indications regarding the real strength of the underlying global economy.”

IE