UPDATE 1-Gluskin Sheff Q1 profit falls 6 pct

* Q1 EPS C$0.20 vs. C$0.21 last year

* Q1 rev up 2 pct to C$18.6 mln

* Assets under management up 12 pct

Nov 5 (Reuters) - Canadian wealth manager Gluskin Sheff Associates Inc (GS.TO) reported a 6 percent drop in its first-quarter profit on lower base management fees.

For the quarter ended Sept. 30, the company earned C$5.8 million ($5.46 million), or 20 Canadian cents a share, down from C$6.2 million, or 21 Canadian cents a share, last year.

Total revenue, however, rose 2 percent to C$18.6 million as a surge in performance fees offset an 8 percent fall in base management fees.

Analysts on average expected earnings of 19 Canadian cents a share on revenue of C$18.2 million, according to Thomson Reuters I/B/E/S.

Assets under management grew 12 percent to C$4.98 billion.

Gluskin Sheff shares, which have climbed 54 percent in the last six months, were flat at C$20 Thursday morning on the Toronto Stock Exchange.

($1=1.062 Canadian dollar) (Reporting by R. Manikandan in Bangalore; Editing by Unnikrishnan Nair)