MONTREAL, Aug. 10,
2023 /CNW/ - Fiera Capital Corporation (TSX:
FSZ) ("Fiera Capital" or the "Company"), a leading independent
asset management firm, today announced its financial results for
the second quarter ended June 30,
2023. Financial references are in Canadian dollars unless
otherwise indicated.
(in $ thousands
except where
otherwise indicated)
|
Q2
|
Q1
|
Q2
|
|
YTD
|
YTD
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
End of period
AUM (in $ billions)
|
164.2
|
164.7
|
156.7
|
|
164.2
|
156.7
|
Average AUM
(in $ billions)
|
164.5
|
163.9
|
163.0
|
|
164.2
|
170.3
|
|
|
|
|
|
|
|
IFRS Financial
Measures
|
|
|
|
|
|
|
Total
revenues
|
159,843
|
157,091
|
163,845
|
|
316,934
|
336,188
|
Base management
fees
|
149,793
|
147,428
|
150,451
|
|
297,221
|
309,762
|
Net earnings
1
|
10,484
|
(2,517)
|
10,759
|
|
7,967
|
14,178
|
|
|
|
|
|
|
|
Non-IFRS Financial
Measures
|
|
|
|
|
|
|
Adjusted EBITDA
2
|
45,468
|
38,823
|
46,437
|
|
84,291
|
93,765
|
Adjusted EBITDA
margin 2
|
28.4 %
|
24.7 %
|
28.3 %
|
|
26.6 %
|
27.9 %
|
Adjusted net earnings
1,2
|
28,708
|
23,544
|
31,555
|
|
52,252
|
64,807
|
LTM Free Cash Flow
2
|
45,198
|
67,891
|
109,828
|
|
45,198
|
109,828
|
Note: Certain totals,
subtotals and percentages may not reconcile due to
rounding.
|
"Our investment teams continue to be amongst the leaders in
the industry in terms of investment performance, with 95% and 91%
of equity and fixed income strategies beating their benchmark over
a one-year period respectively. Despite this, the environment for
flows remained challenged during the quarter given the persistent
macroeconomic uncertainty and clients' continued overweighting to
cash. However, we maintained our consistent track record of
positive organic growth in our Private Markets platform." said
Jean-Guy Desjardins, Chairman of the
Board and Global Chief Executive Officer. "We have also made
progress toward the regionalization of our distribution model with
the hiring of an Executive Director and Chief Executive Officer for
EMEA and the appointment of an Executive Director and Chief
Executive Officer for Asia. We
also expect to conclude the hiring of regional CEOs in Canada and the US by the end of the third
quarter."
"As we navigate uncertain market conditions in 2023, we are
seeing the results of our collective teams' efforts towards a
prudent approach to cost management with an adjusted EBITDA margin
of 28.4%, a marked improvement from last quarter and a return to
consistent levels compared to the same period last year." said
Lucas Pontillo, Executive Director
and Global Chief Financial Officer. "We continued to optimize our
capital structure and maintain our financial flexibility through
the closing of our $65 million 8.25%
public debt offering this quarter with proceeds used towards the
redemption of our $110 million hybrid
maturing in 2024. I am also pleased to announce that the Board of
Directors has approved a dividend of 21.5
cents per share, payable on September 20,
2023."
Assets Under Management (in $ millions, unless otherwise
indicated)
By
Platform
|
March 31,
2023
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
June 30,
2023
|
Public Markets,
excluding AUM
sub-advised by PineStone
|
95,397
|
653
|
(551)
|
(1,583)
|
(1,481)
|
1,292
|
95,208
|
Public Markets AUM
sub-advised
by PineStone
|
50,560
|
3
|
—
|
(1,911)
|
(1,908)
|
1,444
|
50,096
|
Public Markets -
Total
|
145,957
|
656
|
(551)
|
(3,494)
|
(3,389)
|
2,736
|
145,304
|
Private
Markets
|
18,715
|
601
|
(206)
|
(86)
|
309
|
(131)
|
18,893
|
Total
|
164,672
|
1,257
|
(757)
|
(3,580)
|
(3,080)
|
2,605
|
164,197
|
By Distribution
Channel
|
March 31,
2023
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
June 30,
2023
|
Institutional
|
89,279
|
580
|
(152)
|
(1,542)
|
(1,114)
|
1,692
|
89,857
|
Financial
Intermediaries
|
61,146
|
343
|
(270)
|
(1,735)
|
(1,662)
|
792
|
60,276
|
Private
Wealth
|
14,247
|
334
|
(335)
|
(303)
|
(304)
|
121
|
14,064
|
Total
|
164,672
|
1,257
|
(757)
|
(3,580)
|
(3,080)
|
2,605
|
164,197
|
By
Platform
|
December 31,
2022
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
June 30,
2023
|
Public Markets,
excluding AUM
sub-advised by PineStone
|
91,046
|
2,074
|
(1,898)
|
(892)
|
(716)
|
4,878
|
95,208
|
Public Markets AUM
sub-advised
by PineStone
|
49,219
|
30
|
(2,037)
|
(2,437)
|
(4,444)
|
5,321
|
50,096
|
Public Markets -
Total
|
140,265
|
2,104
|
(3,935)
|
(3,329)
|
(5,160)
|
10,199
|
145,304
|
Private
Markets
|
18,241
|
1,177
|
(384)
|
(228)
|
565
|
87
|
18,893
|
Total
|
158,506
|
3,281
|
(4,319)
|
(3,557)
|
(4,595)
|
10,286
|
164,197
|
By Distribution
Channel
|
December 31,
2022
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
June 30,
2023
|
Institutional
|
84,330
|
2,121
|
(1,593)
|
(700)
|
(172)
|
5,699
|
89,857
|
Financial
Intermediaries
|
60,275
|
555
|
(2,104)
|
(2,340)
|
(3,889)
|
3,890
|
60,276
|
Private
Wealth
|
13,901
|
605
|
(622)
|
(517)
|
(534)
|
697
|
14,064
|
Total
|
158,506
|
3,281
|
(4,319)
|
(3,557)
|
(4,595)
|
10,286
|
164,197
|
- AUM of $164.2 billion
decreased by $0.5 billion or
0.3% compared to March 31, 2023 due
to negative net organic growth in Public Markets AUM, partly offset
by a favourable market impact primarily from equities and positive
net organic growth in Private Markets AUM.
- AUM increased by $5.7 billion or 3.6% compared to
December 31, 2022, due to a
favourable market impact and new mandates, partly offset by
outflows principally related to AUM sub-advised by PineStone Asset
Management Inc. ("PineStone").
Second Quarter Financial Highlights
The Company's financial highlights reflect the following major
items for the second quarter of 2023:
- Revenue increased by $2.7
million, or 1.7% compared to Q1 2023. The increase was
primarily due to higher base management fees as a result of higher
average AUM in the quarter and higher commitment and transaction
fees, partly offset by lower performance fees in Private Markets.
Revenue decreased by $4.0 million, or 2.4% compared to Q2 2022.
The decrease was primarily due to lower performance fees
crystallized in Europe and
Canada and lower share of earnings
in joint ventures and associates, due to timing of completion for
certain projects.
- Adjusted EBITDA increased by $6.7
million or 17.3% compared to Q1 2023, principally due to
higher revenue and lower employee compensation costs. Adjusted
EBITDA was marginally lower compared to Q2 2022 due to the decrease
in revenues, but offset by a reduction in expenses, as reflected by
an adjusted EBITDA margin of 28.4% in the quarter.
- Adjusted net earnings increased by $5.2
million, or 22.1% compared to Q1 2023, primarily due to
higher revenues, lower SG&A, excluding share-based
compensation, and favourable foreign exchange revaluation, partly
offset by higher income tax expense.
-
- Adjusted net earnings decreased by $2.9
million, or 9.2% compared to Q2 2022, primarily due to lower
revenues, higher interest on long-term debt and debentures, and
higher income tax expense, partly offset by lower SG&A,
excluding share-based compensation.
- Net earnings attributable to the Company's shareholders
increased by $13.0 million compared
to Q1 2023, primarily due to a lower provision related to certain
claims, lower restructuring, acquisition related and other costs,
favourable foreign exchange revaluation, higher revenues, and
lower SG&A, partly offset by higher income tax
expense.
-
- Net earnings attributable to the Company's shareholders
decreased by $0.3 million compared to
Q2 2022.
- LTM free cash flow decreased by $64.6 million compared to Q2 2022. The
decrease was mainly due to lower cash generated by operating
activities, higher interest paid on long-term debt and debentures,
lower distributions received from joint ventures and associates,
and higher dividends and other distributions to non-controlling
interest.
Year-to-Date Financial Highlights
The Company's financial highlights reflect the following major
items for the six-month period ended June
30, 2023 compared to the six-month period ended June 30, 2022:
- Revenue decreased by $19.3
million or 5.7%, primarily due to lower base management fees
in Public Markets from lower average AUM, lower share of earnings
in joint ventures and associates, and lower performance fees
primarily in Public Markets, partly offset by higher base
management fees in Private Markets.
- Adjusted EBITDA decreased by $9.5
million, or 10.1%, primarily due to lower revenues, partly
offset by net lower employee compensation costs and sub-advisory
fees.
- Adjusted net earnings decreased by $12.5
million, or 19.3%, primarily due to lower revenues and
higher interest on long-term debt and debentures, partly offset by
lower SG&A.
- Net earnings attributable to the Company's shareholders
decreased by $6.2 million. Items
which impacted the six-month period ended June 30, 2023 compared to the same period last
year included:
-
- A lower contribution from adjusted EBITDA of $9.5 million;
- A provision of $6.2 million
related to certain claims recorded in the current year; and
- A $6.3 million increase in
interest on long-term debt and debentures, due to rising interest
rates;
These items were partly offset by lower
accretion and change in the fair value of purchase price
obligations and promissory note.
Second Quarter Business Highlights
Issuance of 8.25% Senior Subordinated Unsecured Hybrid
Debentures
On June 29, 2023 the Company
entered into an agreement, whereby a syndicate of underwriters have
agreed to purchase $65 million
aggregate principal amount of senior subordinated unsecured hybrid
debentures due December 31, 2026 (the
"Debentures") at a price of $1,000
per Debenture. The Debentures bear interest at a rate of 8.25% per
annum. The net proceeds of this offering was used to partially fund
the redemption of the Company's $110
million aggregate principal amount of 5.60% senior
subordinated unsecured debentures due July
31, 2024 (the "2024 Debentures"), which redemption was
completed on July 31, 2023.
Subsequent to the quarter-end, on July 28,
2023, the Company issued 2,250 senior subordinated unsecured
hybrid debentures following the exercise of the over-allotment
option for gross proceeds of $2.25
million, also maturing on December
31, 2026.
Redemption of 5.6% Hybrid Debentures Announced
On June 29, 2023, the Company
announced that it will redeem all issued and outstanding 2024
Debentures on July 31, 2023. The
$110 million aggregate principal
amount was redeemed at par.
Leadership Announcements
As part of the Company's global expansion strategy, the Company
appointed Klaus Schuster as
Executive Director and Chief Executive Officer, EMEA effective
May 30, 2023. Mr. Schuster is
responsible for driving the end-to-end market strategy for this key
region. He directly leads the Company's distribution and marketing
teams across EMEA and provides executive leadership for all
employees across all functions in the region.
Subsequent to June 30,
2023
Normal Course Issuer Bid ("NCIB")
The Company announces that the Toronto Stock Exchange (the
"TSX") approved the renewal of the Company's NCIB to purchase for
cancellation up to 4,000,000 of its Class A Shares over the
twelve-month period commencing on August 16,
2023 and ending no later than August
15, 2024, and representing approximately 4.67% of its
85,694,246 issued and outstanding Class A Shares as at August 3, 2023.
Under the NCIB that will expire August
15, 2023, and pursuant to which the Company was authorized
to purchase up to 4,000,000 Class A Shares, Fiera Capital did not
purchase any shares under the NCIB.
The Board of Directors of the Company believes that the
repurchase of Class A Shares, which the Company may carry out from
time to time, represents a responsible investment and the NCIB will
provide Fiera Capital with the flexibility to purchase Class A
Shares as it considers advisable.
Purchases under the NCIB will be made on the open market through
the facilities of the TSX and through Canadian alternative trading
systems, as well as outside the facilities of the TSX pursuant to
exemptions available under applicable securities legislation or
exemption orders issued by securities regulatory authorities. The
price that the Company will pay for the Class A Shares will be the
market price of such shares at the time of the acquisition as per
the requirements of the market where the trade is made and
applicable securities laws, except for purchases effected outside
the facilities of the TSX pursuant to exemptions available under
applicable securities legislation or exemption orders issued by
securities regulatory authorities which will be at a discount to
the prevailing market price.
The average daily trading volume (the "ADTV") of the Class A
Shares over the last six complete calendar months was 241,288 Class
A Shares. Accordingly, under TSX rules and policies, Fiera Capital
is entitled on any trading day to purchase on the TSX up to 60,322
Class A Shares. Fiera Capital may also purchase, once a week and in
excess of the foregoing daily repurchase limit of 25% of the ADTV,
blocks of Class A Shares that are not owned by any insiders, in
accordance with the TSX rules and policies.
Dividend Declared
On August 9, 2023, the Board of Directors declared a
quarterly dividend of $0.215 per
Class A Share and Class B Share, payable on September 20, 2023
to shareholders of record at the close of business on
August 22, 2023. The dividend is an eligible dividend for
income tax purposes.
Additional details relating to the company's operating results
can be found on our Investor Relations web page under Financial
Documents - Quarterly Results - Management's Discussion and
Analysis.
Conference Call
Live
Fiera Capital will hold a conference call at
10:00 a.m. (ET) on Thursday,
August 10, 2023, to discuss its financial results. The dial-in
number to access the conference call from Canada and the United States is
1-888-390-0620 (toll-free) and 1-416-764-8651 from outside
North America.
The conference call will also be accessible via webcast in the
Investor Relations section of Fiera Capital's website, under
Events and Presentations.
Replay
An audio replay of the call will be available
until August 17, 2023 by dialing 1-888-390-0541
(toll free), access code 896532 followed by the number sign
(#).
The webcast will remain available for three months following the
call and can be accessed in the Investor Relations section of Fiera
Capital's website under Events and Presentations.
Footnotes
1) Attributable to the Company's shareholders
2) Earnings before interest, taxes, depreciation and
amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA
margin and Adjusted EBITDA per share, Adjusted net earnings and
Adjusted net earnings per share (basic and diluted), and Last
Twelve Months ("LTM") Free Cash Flow are not standardized measures
prescribed by International Financial Reporting Standards ("IFRS"),
and are therefore unlikely to be comparable to similar measures
presented by other companies. We have included non-IFRS measures to
provide investors with supplemental measures of our operating and
financial performance. We believe non-IFRS measures are important
supplemental metrics of operating and financial performance because
they highlight trends in our core business that may not otherwise
be apparent when relying solely on IFRS measures. Securities
analysts, investors and other interested parties frequently use
non-IFRS measures in the evaluation of issuers, many of which
present non-IFRS measures when reporting their results. Management
also uses non-IFRS measures in order to facilitate operating and
financial performance comparisons from period to period, to prepare
annual budgets and to assess its ability to meet future debt
service, capital expenditure and working capital requirements.
|
FOR THE THREE MONTHS
ENDED
|
FOR THE
SIX-MONTH
PERIODS ENDED
|
|
June
30,
2023
|
March
31,
2023
|
June
30,
2022
|
June
30,
2023
|
June
30,
2022
|
Net
earnings
|
11,921
|
(748)
|
11,753
|
11,173
|
17,206
|
Income tax
expense
|
5,140
|
147
|
672
|
5,287
|
2,276
|
Amortization and
depreciation
|
13,435
|
13,713
|
13,512
|
27,148
|
28,869
|
Interest on long-term
debt and
debentures
|
11,215
|
10,593
|
7,886
|
21,808
|
15,465
|
Interest on lease
liabilities, foreign
exchange revaluation and other
financial charges
|
(2,370)
|
790
|
2,646
|
(1,580)
|
925
|
EBITDA
|
39,341
|
24,495
|
36,469
|
63,836
|
64,741
|
Restructuring,
acquisition related
and other costs
|
3,448
|
8,010
|
5,328
|
11,458
|
9,161
|
Accretion and change
in fair value
of purchase price obligations
and other
|
(2,024)
|
(481)
|
3,648
|
(2,505)
|
3,609
|
Share-based
compensation
|
3,951
|
2,507
|
1,811
|
6,458
|
16,420
|
Loss (gain) on
investments, net
|
157
|
(1,287)
|
443
|
(1,130)
|
1,504
|
Other expenses
(income)
|
595
|
5,579
|
(1,262)
|
6,174
|
(1,670)
|
Adjusted
EBITDA
|
45,468
|
38,823
|
46,437
|
84,291
|
93,765
|
Per share
basic
|
0.44
|
0.38
|
0.45
|
0.82
|
0.92
|
Per share
diluted
|
0.37
|
0.38
|
0.44
|
0.80
|
0.91
|
Weighted average
shares
outstanding - basic (thousands)
|
103,720
|
102,750
|
103,170
|
102,903
|
102,251
|
Weighted average
shares
outstanding - diluted (thousands)
|
122,875
|
102,750
|
104,493
|
105,806
|
103,586
|
Reconciliation to Adjusted Net Earnings (in $
thousands)
|
FOR THE THREE MONTHS
ENDED
|
FOR THE
SIX-MONTH
PERIODS ENDED
|
|
June
30,
2023
|
March
31,
2023
|
June
30,
2022
|
June
30,
2023
|
June
30,
2022
|
Net earnings
attributable to the
Company's shareholders
|
10,484
|
(2,517)
|
10,759
|
7,967
|
14,178
|
Amortization and
depreciation
|
13,435
|
13,713
|
13,512
|
27,148
|
28,869
|
Restructuring,
acquisition related and
other costs
|
3,448
|
8,010
|
5,328
|
11,458
|
9,161
|
Accretion and change in
fair value of
purchase price obligations and
other, and effective interest on
debentures
|
(1,712)
|
(228)
|
4,335
|
(1,940)
|
4,910
|
Share-based
compensation
|
3,951
|
2,507
|
1,811
|
6,458
|
16,420
|
Other expenses
(income)
|
595
|
5,579
|
(1,262)
|
6,174
|
(1,670)
|
Tax effect of
above-mentioned items
|
(1,493)
|
(3,520)
|
(2,928)
|
(5,013)
|
(7,061)
|
Adjusted net
earnings attributable
to the Company's shareholders
|
28,708
|
23,544
|
31,555
|
52,252
|
64,807
|
Per share –
basic
|
|
|
|
|
|
Net
earnings
|
0.10
|
(0.02)
|
0.10
|
0.08
|
0.14
|
Adjusted net
earnings
|
0.28
|
0.23
|
0.31
|
0.51
|
0.63
|
Per share –
diluted
|
|
|
|
|
|
Net
earnings
|
0.09
|
(0.02)
|
0.10
|
0.08
|
0.14
|
Adjusted net
earnings
|
0.24
|
0.23
|
0.30
|
0.49
|
0.63
|
Weighted average
shares
outstanding - basic (thousands)
|
103,720
|
102,750
|
103,170
|
102,903
|
102,251
|
Weighted average
shares
outstanding - diluted (thousands)
|
122,875
|
102,750
|
104,493
|
105,806
|
103,586
|
Reconciliation to LTM Free Cash Flow (in $ thousands)
|
FOR THE THREE MONTHS
ENDED
|
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
|
2023
|
2023
|
2022
|
2022
|
2022
|
2022
|
2021
|
2021
|
Net cash generated
by (used in) operating
activities
|
14,123
|
(13,463)
|
66,722
|
25,686
|
46,853
|
(25,951)
|
97,226
|
36,960
|
Settlement of purchase
price obligations and
puttable financial instrument
liability
|
(1,500)
|
—
|
—
|
(3,476)
|
(23,901)
|
—
|
—
|
—
|
Proceeds on promissory
note
|
1,460
|
1,536
|
1,497
|
1,455
|
1,375
|
1,334
|
1,319
|
1,258
|
Distributions received
from joint ventures and
associates, net of investments
|
502
|
4,252
|
2,513
|
3,621
|
4,338
|
6,330
|
2,256
|
1,788
|
Dividends and other
distributions to NCI
|
(5,895)
|
—
|
10
|
—
|
(1,753)
|
(1,425)
|
(19)
|
(43)
|
Lease payments, net of
lease inducements
|
(4,925)
|
(4,510)
|
(4,607)
|
(4,396)
|
(4,221)
|
(4,306)
|
(4,822)
|
(3,829)
|
Interest paid on
long-term debt and
debentures
|
(12,019)
|
(10,379)
|
(9,713)
|
(8,191)
|
(8,299)
|
(7,427)
|
(6,636)
|
(7,460)
|
Other restructuring
costs
|
452
|
1,180
|
1,056
|
470
|
160
|
418
|
883
|
3,112
|
Acquisition related and
other costs
|
341
|
716
|
527
|
153
|
680
|
1,412
|
1,326
|
892
|
Free Cash
Flow
|
(7,461)
|
(20,668)
|
58,005
|
15,322
|
15,232
|
(29,615)
|
91,533
|
32,678
|
LTM Free Cash
Flow
|
45,198
|
67,891
|
58,944
|
92,472
|
109,828
|
145,257
|
135,012
|
131,426
|
3) Net Organic Growth represents the sum of New, Lost and Net
Contributions.
4) Market and Other includes the impact of market changes,
income distributions and foreign exchange.
Forward-Looking Statements
This document contains forward-looking statements relating to
future events or future performance and reflecting management's
expectations or beliefs regarding future events including business
and economic conditions and Fiera Capital's growth, results of
operations, performance and business prospects and opportunities.
Forward-looking statements may include comments with respect to
Fiera Capital's objectives, strategies to achieve those objectives,
expected financial results, and the outlook for Fiera Capital's
businesses and for the Canadian, American, European, Asian and
other global economies. Such statements reflect management's
current beliefs and are based on factors and assumptions it
considers to be reasonable based on information currently available
to management and may typically be identified by terminology such
as "believe", "expect", "aim", "goal", "plan", "anticipate",
"estimate", "may increase", "may fluctuate", "predict",
"potential", "continue", "target", "intend" or the negative of
these terms or other comparable terminology and similar expressions
of future or conditional verbs, such as "will", "should", "would"
and "could."
By their very nature, forward-looking statements involve
numerous assumptions, inherent risks and uncertainties, both
general and specific, and the risk that predictions, forecasts,
projections, expectations or conclusions will not prove to be
accurate. The uncertainty created by the COVID-19 pandemic has
heightened such risk given the increased challenge in making
predictions, forecasts, projections, expectations, or conclusions.
As a result, the Company does not guarantee that any
forward-looking statement will materialize and readers are
cautioned not to place undue reliance on these forward-looking
statements. A number of important factors, many of which are beyond
Fiera Capital's control, could cause actual events or results to
differ materially from the predictions, forecasts, projections,
expectations, or conclusions expressed in such forward-looking
statements which include, but are not limited to, risks related to
investment performance and investment of the assets under
management ("AUM"), AUM concentration related to strategies
sub-advised by PineStone Asset Management Inc. ("PineStone"),
reputational risk, regulatory compliance, information security
policies, procedures and capabilities, privacy laws, litigation
risk, insurance coverage, third-party relationships, growth and
integration of acquired businesses, AUM growth, key employees,
ownership structure and potential dilution, indebtedness, market
risk, credit risk, inflation, interest rates and recession risks
and other factors described in the Company's Annual Information
Form for the year ended December 31,
2022 under the heading "Risk Factors" or discussed in other
materials filed by the Company with applicable securities
regulatory authorities from time to time which are available on
SEDAR+ at www.sedarplus.ca.
The preceding list of important factors is not exhaustive. When
relying on forward-looking statements in this document and any
other disclosure made by Fiera Capital, investors and others
should carefully consider the preceding factors, other
uncertainties and potential events. Fiera Capital does not
undertake to update or revise any forward-looking statements,
whether written or oral, that may be made from time to time by it
or on its behalf in order to reflect new events or circumstances,
except as required by applicable laws.
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm
with a growing global presence and approximately C$164.2 billion in assets under management
as of June 30, 2023. The Company
delivers customized and multi-asset solutions across public and
private market asset classes to institutional, financial
intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital's depth of expertise,
diversified investment platform and commitment to delivering
outstanding service are core to our mission of being at the
forefront of investment management science to create sustainable
wealth for clients. Fiera Capital trades under the ticker FSZ on
the Toronto Stock Exchange.
Headquartered in Montreal,
Fiera Capital, with its affiliates in various jurisdictions, has
offices in over a dozen cities around the world, including
New York (U.S.), London (UK), and Hong Kong (SAR).
Each affiliated entity (each an "Affiliate") of Fiera Capital
only provides investment advisory or investment management services
or offers investment funds in the jurisdictions where the Affiliate
and/or the relevant product is registered or authorized to provide
services pursuant to an exemption from registration.
In the U.S., asset management services are provided by the
Company's affiliates who are investment advisers that are
registered with the U.S. Securities and Exchange Commission (SEC)
or exempt from registration. Registration with the SEC does not
imply a certain level of skill or training. For details on the
particular registration of, or exemptions therefrom relied upon by,
any Fiera Capital entity, please consult this webpage.
Additional information about Fiera Capital Corporation,
including the Company's annual information form, is available on
SEDAR+ at www.sedarplus.ca.
SOURCE Fiera Capital Corporation