MONTREAL, Nov. 8, 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 third quarter ended
September 30, 2023. Financial
references are in Canadian dollars unless otherwise indicated.
(in $ thousands
except where
otherwise indicated)
|
Q3
|
Q2
|
Q3
|
|
YTD
|
YTD
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
End of period
AUM (in $ billions)
|
155.3
|
164.2
|
158.3
|
|
155.3
|
158.3
|
Average AUM
(in $ billions)
|
160.7
|
164.5
|
161.6
|
|
163.0
|
167.4
|
|
|
|
|
|
|
|
IFRS Financial
Measures
|
|
|
|
|
|
|
Total
revenues
|
158,740
|
159,843
|
160,554
|
|
475,674
|
496,742
|
Base management
fees
|
147,645
|
149,793
|
145,649
|
|
444,866
|
455,411
|
Net earnings
1
|
11,067
|
10,484
|
8,666
|
|
19,034
|
22,844
|
|
|
|
|
|
|
|
Non-IFRS Financial
Measures
|
|
|
|
|
|
|
Adjusted EBITDA
2
|
43,942
|
45,468
|
45,248
|
|
128,233
|
139,013
|
Adjusted EBITDA
margin 2
|
27.7 %
|
28.4 %
|
28.2 %
|
|
27.0 %
|
28.0 %
|
Adjusted net
earnings 1,2
|
23,651
|
28,708
|
23,875
|
|
75,903
|
88,682
|
LTM Free Cash Flow
2
|
98,056
|
45,198
|
92,472
|
|
98,056
|
92,472
|
|
|
|
|
|
|
|
Note: Certain totals,
subtotals and percentages may not reconcile due to
rounding
|
"The end of the third quarter saw a significant shift in
market sentiment resulting in a reversal in equity market
performance and a large shift in the yield curve impacting bond
markets. Unfavorable markets resulted in a reduction of
$4.7 billion in our AUM, of which
$3 billion related to fixed income.
In this weak market environment, we remain focused on our
performance and dedicated to our clients. Our investment teams
continue to execute on their mandates to be well positioned for
when investors begin re-allocating capital." said Jean-Guy Desjardins, Chairman of the Board and
Global Chief Executive Officer. "Our regional distribution model is
almost fully implemented with the recently announced appointment of
Eric Roberts, Executive Director and
Chief Executive Officer, Fiera USA. The search for our fourth and
final appointment, a Canadian CEO, is also in the final
phases."
"We remain pleased with our operating performance in the face
of market volatility, which has shown a year-over-year increase in
base management fees. This performance along with our positive free
cash flow enabled us to reduce our debt, as well as significantly
improve our last twelve-month free cash flow in the third quarter."
said Lucas Pontillo, Executive
Director and Global Chief Financial Officer. "I am also announcing
that the Board of Directors has approved a dividend of 21.5 cents per share, payable on
December 18, 2023."
Assets Under Management (in $ millions, unless otherwise
indicated)
By
Platform
|
June 30,
2023
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
Strategic5
|
September 30,
2023
|
Public Markets,
excluding AUM
sub-advised by PineStone
|
95,208
|
438
|
(391)
|
(412)
|
(365)
|
(3,159)
|
—
|
91,684
|
Public Markets AUM
sub-advised
by PineStone
|
50,096
|
91
|
(3,104)
|
(84)
|
(3,097)
|
(1,609)
|
(520)
|
44,870
|
Public Markets -
Total
|
145,304
|
529
|
(3,495)
|
(496)
|
(3,462)
|
(4,768)
|
(520)
|
136,554
|
Private
Markets
|
18,893
|
215
|
(163)
|
(248)
|
(196)
|
66
|
—
|
18,763
|
Total
|
164,197
|
744
|
(3,658)
|
(744)
|
(3,658)
|
(4,702)
|
(520)
|
155,317
|
By Distribution
Channel
|
June 30,
2023
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
Strategic5
|
September 30,
2023
|
Institutional
|
89,857
|
351
|
(2,358)
|
(360)
|
(2,367)
|
(3,181)
|
(520)
|
83,789
|
Financial
Intermediaries
|
60,276
|
182
|
(1,131)
|
(81)
|
(1,030)
|
(1,487)
|
—
|
57,759
|
Private
Wealth
|
14,064
|
211
|
(169)
|
(303)
|
(261)
|
(34)
|
—
|
13,769
|
Total
|
164,197
|
744
|
(3,658)
|
(744)
|
(3,658)
|
(4,702)
|
(520)
|
155,317
|
By
Platform
|
December 31,
2022
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
Strategic5
|
September 30,
2023
|
Public Markets,
excluding AUM
sub-advised by PineStone
|
91,046
|
2,511
|
(2,572)
|
(1,031)
|
(1,092)
|
1,730
|
—
|
91,684
|
Public Markets AUM
sub-advised
by PineStone
|
49,219
|
122
|
(6,698)
|
(955)
|
(7,531)
|
3,702
|
(520)
|
44,870
|
Public Markets -
Total
|
140,265
|
2,633
|
(9,270)
|
(1,986)
|
(8,623)
|
5,432
|
(520)
|
136,554
|
Private
Markets
|
18,241
|
1,394
|
(546)
|
(477)
|
371
|
151
|
—
|
18,763
|
Total
|
158,506
|
4,027
|
(9,816)
|
(2,463)
|
(8,252)
|
5,583
|
(520)
|
155,317
|
By Distribution
Channel
|
December 31,
2022
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
Strategic5
|
September 30,
2023
|
Institutional
|
84,330
|
2,473
|
(4,002)
|
(1,009)
|
(2,538)
|
2,517
|
(520)
|
83,789
|
Financial
Intermediaries
|
60,275
|
737
|
(5,024)
|
(632)
|
(4,919)
|
2,403
|
—
|
57,759
|
Private
Wealth
|
13,901
|
817
|
(790)
|
(822)
|
(795)
|
663
|
—
|
13,769
|
Total
|
158,506
|
4,027
|
(9,816)
|
(2,463)
|
(8,252)
|
5,583
|
(520)
|
155,317
|
- AUM decreased by $8.9 billion or 5.4% compared to
June 30, 2023:
- An unfavourable market impact reduced AUM by $4.5 billion, which included $3.0 billion related to fixed income mandates. In
addition, organic growth was negative $3.7 billion during the quarter. The sale of
three Public Markets funds that were sub-advised by PineStone to
New York Life Investments also reduced AUM by $0.5 billion and income distributions from
Private Markets funds reduced AUM by $0.2 billion.
- Included in the negative net organic growth of $3.7 billion was $3.1
billion of outflows related to AUM sub-advised by PineStone.
Of this $3.1 billion of outflows,
approximately $1.1 billion was
transferred directly to PineStone and $1.8
billion related to lost mandates as a result of clients
exiting these strategies entirely. The remaining $0.2 billion related to negative net
contributions where clients rebalanced their portfolios to reduce
their allocation to these strategies.
- For the three months ended September 30,
2023, of the $1.8 billion
related to lost mandates as a result of clients exiting their
position entirely, approximately $0.7
billion related to National Bank Investments Inc.
- AUM decreased by $3.2 billion or 2.0% compared to
December 31, 2022:
- While a favourable market impact increased AUM by
$6.0 billion on a year-to-date
basis, this amount was offset by negative net organic growth of
$8.3 billion, primarily in
Public Markets. In addition, the sale of three Public Markets funds
that were sub-advised by PineStone to New York Life Investments
impacted AUM by $0.5 billion,
and income distributions from Private Markets funds reduced AUM by
$0.4 billion.
- Negative net organic growth included $7.5 billion of outflows connected to AUM
sub-advised by PineStone, of which approximately $3.9 billion related to AUM that transferred
directly to PineStone, while $2.6
billion related to lost mandates as a result of clients
exiting these strategies entirely. The remaining $1.0 billion related to negative net
contributions where clients rebalanced their portfolios to reduce
their allocation to these strategies.
- For the nine months ended September 30,
2023, of the $7.5 billion of
outflows connected to AUM sub-advised by PineStone, $2.2 billion related to National Bank Investments
Inc., of which approximately $1.0
billion was transferred directly to PineStone.
- National Bank Investments Inc. is also expected to withdraw its
remaining $5.6 billion in AUM
sub-advised by PineStone by early 2025.
- Going forward, excluding the AUM outflows related to
National Bank Investments Inc., management expects the AUM
reduction from lost mandates transferring directly to PineStone to
be in the range of $1 to $3 billion per year.
Third Quarter Financial Highlights
The Company's financial highlights reflect the
following major items for the third quarter of 2023:
- Revenue decreased by $1.1
million, or 0.7% compared to Q2 2023. The decrease was due
to lower base management fees in Public Markets and lower
commitment and transaction fees, which were partly offset by higher
performance fees in Public and Private Markets, higher other
revenues, and higher base management fees in Private Markets.
- Revenue decreased by $1.9
million, or 1.2% compared to Q3 2022. The decrease was
primarily due to lower share of earnings in joint ventures and
associates, and lower commitment and transaction fees from lower
deal activity, which were partly offset by higher base management
fees, performance fees, and other revenues.
- Adjusted EBITDA decreased by $1.6
million or 3.5% compared to Q2 2023, primarily due to lower
revenues, which were offset by lower associated sub-advisory fees
and continued curbed discretionary spending holding selling,
general and administration expenses relatively flat.
- Adjusted EBITDA decreased by $1.3
million or 2.9% compared to Q3 2022, primarily due to lower
revenues and slightly higher overall selling, general and
administration expenses which were muted by lower sub-advisory fees
and contained discretionary spending.
- Adjusted net earnings decreased by $5.0
million, or 17.4% compared to Q2 2023, primarily due to
lower revenues, unfavourable foreign exchange, and higher interest
on long-term debt, which were partly offset by lower income tax
expense.
- Adjusted net earnings was essentially flat compared to Q3 2022,
as lower revenues and higher interest on long-term debt and
debentures were offset by lower income tax expense and lower
foreign exchange expense.
- Net earnings attributable to the Company's shareholders
increased by $0.6 million compared to
Q2 2023, primarily due to a gain on sale of funds in connection
with the New York Life Investments partnership and lower income tax
expense, which were partly offset by unfavourable foreign exchange
and lower revenues.
- Net earnings attributable to the Company's shareholders
increased by $2.4 million compared to
Q3 2022 primarily due to the gain on sale of funds and lower income
tax expense, which were partly offset by higher interest on
long-term debt, higher accretion and fair value change on purchase
price obligations, and lower revenues.
- LTM free cash flow increased by $5.6 million compared to Q3 2022. The
increase was mainly due to higher cash generated by operating
activities, primarily from changes in non-cash working capital,
which was partly offset by lower LTM net earnings. In addition,
lower cash was used in the settlement of purchase price
obligations, which was partly offset by higher interest on debt and
lower distributions from joint ventures and associates.
Year-to-Date Financial Highlights
The Company's financial highlights reflect the following major
items for the nine-month period ended September 30, 2023 compared to the nine-month
period ended September 30, 2022:
- Revenue decreased by $21.0
million or 4.2%, 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 commitment and
transaction fees, partly offset by higher base management fees in
Private Markets.
- Adjusted EBITDA decreased by $10.8
million, or 7.8% primarily due to lower revenues, partly
offset by lower employee compensation costs and sub-advisory
fees.
- Adjusted net earnings decreased by $12.8
million, or 14.4% primarily due to lower revenues and higher
interest on long-term debt and debentures, partly offset by lower
SG&A, excluding share-based compensation, favourable foreign
exchange revaluation, and lower income tax expense.
- Net earnings attributable to the Company's shareholders
decreased by $3.8 million. Items
which impacted the nine-month period ended September 30, 2023 compared to the same period
last year included:
- A lower contribution from adjusted EBITDA of $10.8 million;
- A provision of $6.3 million
related to certain claims in the current year; and
- A $10.3 million increase in
interest on long-term debt, due to rising interest rates
- Partly offset by:
- A gain on sale of funds of $5.1
million in connection with the New York Life Investments
partnership; and
- favourable foreign exchange.
Third Quarter Business Highlights
Strategic Transactions
In connection with the Company's previously announced strategic
distribution partnership with New York Life Investments ("NYLIM"),
on September 13, 2023, the Company
sold four funds to NYLIM which were brought into its MainStay Funds
lineup. A gain on sale of funds of $5.1
million was recognized during the quarter.
Subsequent to September 30,
2023
Leadership Announcements
As part of the Company's global expansion strategy, the Company
appointed Eric Roberts as Executive
Director and CEO, Fiera USA,
effective November 13, 2023. Mr.
Roberts will directly lead the marketing and distribution teams
across the United States and
provide executive leadership for all employees in the region. This
follows the previously announced appointments of Klaus Schuster and Rob
Petty as Executive Director and CEO of Fiera EMEA
(Europe, Middle East and Africa) and Fiera Asia, respectively.
These appointments allow us to expand and strengthen our
presence in the United States,
EMEA and Asia respectively, as the
Company continues to implement its new regionalized distribution
model with a focus on building local capabilities.
Dividend Decared
On November 7, 2023, the Board of Directors declared a
quarterly dividend of $0.215 per
Class A Share and Class B Share, payable on December 18, 2023
to shareholders of record at the close of business on
November 20, 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 Wednesday,
November 8, 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 November 15, 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
NINE-MONTH
PERIODS ENDED
|
|
September
30,
2023
|
June
30,
2023
|
September
30,
2022
|
September
30,
2023
|
September
30,
2022
|
Net
earnings
|
12,236
|
11,921
|
9,849
|
23,409
|
27,055
|
Income tax
expense
|
2,353
|
5,140
|
6,172
|
7,640
|
8,448
|
Amortization and
depreciation
|
13,381
|
13,435
|
13,679
|
40,529
|
42,548
|
Interest on long-term
debt and
debentures
|
12,485
|
11,215
|
8,550
|
34,293
|
24,015
|
Interest on lease
liabilities, foreign
exchange revaluation and other
financial charges
|
3,805
|
(2,370)
|
6,039
|
2,225
|
6,964
|
EBITDA
|
44,260
|
39,341
|
44,289
|
108,096
|
109,030
|
Restructuring,
acquisition related
and other costs
|
1,511
|
3,448
|
2,772
|
12,969
|
11,933
|
Accretion and change
in fair value
of purchase price obligations
and other
|
(537)
|
(2,024)
|
(2,626)
|
(3,042)
|
983
|
Share-based
compensation
|
3,423
|
3,951
|
1,749
|
9,881
|
18,169
|
Loss (gain) on
investments, net
|
419
|
157
|
(950)
|
(711)
|
554
|
Gain on sale of
funds
|
(5,139)
|
—
|
—
|
(5,139)
|
—
|
Other expenses
(income)
|
5
|
595
|
14
|
6,179
|
(1,656)
|
Adjusted
EBITDA
|
43,942
|
45,468
|
45,248
|
128,233
|
139,013
|
Per share
basic
|
0.41
|
0.44
|
0.44
|
1.24
|
1.36
|
Per share
diluted
|
0.31
|
0.37
|
0.43
|
1.19
|
1.34
|
Weighted average
shares
outstanding - basic (thousands)
|
105,921
|
103,720
|
102,906
|
103,646
|
102,382
|
Weighted average
shares
outstanding - diluted (thousands)
|
141,294
|
122,875
|
104,512
|
107,739
|
104,005
|
Reconciliation to Adjusted Net Earnings (in $
thousands)
|
FOR THE THREE MONTHS
ENDED
|
FOR THE
NINE-MONTH
PERIODS ENDED
|
|
September
30,
2023
|
June
30,
2023
|
September
30,
2022
|
September
30,
2023
|
September
30,
2022
|
Net earnings
attributable to the
Company's shareholders
|
11,067
|
10,484
|
8,666
|
19,034
|
22,844
|
Amortization and
depreciation
|
13,381
|
13,435
|
13,679
|
40,529
|
42,548
|
Restructuring,
acquisition related and
other costs
|
1,511
|
3,448
|
2,772
|
12,969
|
11,933
|
Accretion and change in
fair value of
purchase price obligations and
other, and effective interest on
debentures
|
(340)
|
(1,712)
|
(2,339)
|
(2,280)
|
2,571
|
Share-based
compensation
|
3,423
|
3,951
|
1,749
|
9,881
|
18,169
|
Gain on sale of
funds
|
(5,139)
|
—
|
—
|
(5,139)
|
—
|
Other expenses
(income)
|
5
|
595
|
14
|
6,179
|
(1,656)
|
Tax effect of
above-mentioned items
|
(257)
|
(1,493)
|
(666)
|
(5,270)
|
(7,727)
|
Adjusted net
earnings attributable
to the Company's shareholders
|
23,651
|
28,708
|
23,875
|
75,903
|
88,682
|
Per share –
basic
|
|
|
|
|
|
Net
earnings
|
0.10
|
0.10
|
0.08
|
0.18
|
0.22
|
Adjusted net
earnings
|
0.22
|
0.28
|
0.23
|
0.73
|
0.87
|
Per share –
diluted
|
|
|
|
|
|
Net
earnings
|
0.09
|
0.09
|
0.08
|
0.18
|
0.22
|
Adjusted net
earnings
|
0.18
|
0.24
|
0.23
|
0.70
|
0.85
|
Weighted average
shares
outstanding - basic (thousands)
|
105,921
|
103,720
|
102,906
|
103,646
|
102,382
|
Weighted average
shares
outstanding - diluted (thousands)
|
141,294
|
122,875
|
104,512
|
107,739
|
104,005
|
Reconciliation to LTM Free Cash Flow (in $ thousands)
|
FOR THE THREE MONTHS
ENDED
|
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
|
2023
|
2023
|
2023
|
2022
|
2022
|
2022
|
2022
|
2021
|
Net cash generated
by (used in) operating
activities
|
79,708
|
14,123
|
(13,463)
|
66,722
|
25,686
|
46,853
|
(25,951)
|
97,226
|
Settlement of purchase
price obligations and
puttable financial instrument
liability
|
—
|
(1,500)
|
—
|
—
|
(3,476)
|
(23,901)
|
—
|
—
|
Proceeds on promissory
note
|
1,510
|
1,460
|
1,536
|
1,497
|
1,455
|
1,375
|
1,334
|
1,319
|
Distributions received
from joint ventures and
associates, net of investments
|
1,617
|
502
|
4,252
|
2,513
|
3,621
|
4,338
|
6,330
|
2,256
|
Dividends and other
distributions to NCI
|
—
|
(5,895)
|
—
|
10
|
—
|
(1,753)
|
(1,425)
|
(19)
|
Lease payments, net of
lease inducements
|
(3,837)
|
(4,925)
|
(4,510)
|
(4,607)
|
(4,396)
|
(4,221)
|
(4,306)
|
(4,822)
|
Interest paid on
long-term debt and
debentures
|
(12,174)
|
(12,019)
|
(10,379)
|
(9,713)
|
(8,191)
|
(8,299)
|
(7,427)
|
(6,636)
|
Other restructuring
costs
|
1,226
|
452
|
1,180
|
1,056
|
470
|
160
|
418
|
883
|
Acquisition related and
other costs
|
130
|
341
|
716
|
527
|
153
|
680
|
1,412
|
1,326
|
Free Cash
Flow
|
68,180
|
(7,461)
|
(20,668)
|
58,005
|
15,322
|
15,232
|
(29,615)
|
91,533
|
LTM Free Cash
Flow
|
98,056
|
45,198
|
67,891
|
58,944
|
92,472
|
109,828
|
145,257
|
135,012
|
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.
5) Relates to the sale of three Public Markets funds that were
sub-advised by PineStone to New York Life Investments, in
connection with the strategic distribution partnership.
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. 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, 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. 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
is authorized to provide services pursuant to an exemption from
registration and/or the relevant product is registered.
Fiera Capital does not provide investment advice to U.S. clients
or offer investment advisory services in the U.S. In the U.S.,
asset management services are provided by Fiera Capital'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
https://www.fieracapital.com/en/registrations-and-exemptions.
Additional information about Fiera Capital, including the
Company's annual information form, is available on SEDAR+ at
www.sedarplus.ca.
SOURCE Fiera Capital Corporation