Gluskin Sheff Associates Inc. Thursday reported a 47% fall in quarterly profit hurt by lower investment-services fees.

For the fourth quarter ended June 30, the company earned $5.8 million, or 20¢ a share, down from $11 million, or 38¢, a year ago.

Total revenue fell 34% to $18.9 million.

The Toronto-based asset management firm said base management fees decreased 24% to $15.8 million.

Assets under management decreased by approximately $1.1 billion to $4.5 billion at the end of the quarter, down from $5.6 billion a year ago.

However, AUM increased by approximately $0.6 billion from $3.9 billion at the end of the third quarter of 2009.

The company also said Gerald Sheff would step down as CEO on or before November 4, 2010, and it named Jeremy Freedman as his successor.

Chief investment officer Ira Gluskin intend to relinquish his responsibilities. Bill Webb will succeed Ira Gluskin.

Both changes are part of the company’s previously stated transition and succession plans for Sheff and Ira Gluskin.

In addition, the company said CFO Valerie Barker “will be leaving to pursue other opportunities.” Barker has agreed to remain with Gluskin Sheff until a replacement can be found.

IE