MONTREAL, Feb. 28,
2024 /CNW/ - Fiera Capital Corporation (TSX:
FSZ) ("Fiera Capital" or the "Company"), a leading independent
asset management firm, today announced its financial results for
the fourth quarter and fiscal year ended December 31, 2023. Financial references are in
Canadian dollars unless otherwise indicated.
(in $ thousands
except where
otherwise indicated)
|
Q4
|
Q3
|
Q4
|
|
FY
|
FY
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
End of period
AUM (in $ billions)
|
161.7
|
155.3
|
158.5
|
|
161.7
|
158.5
|
Average AUM
(in $ billions)
|
158.4
|
160.7
|
159.7
|
|
161.5
|
162.0
|
|
|
|
|
|
|
|
IFRS Financial
Measures
|
|
|
|
|
|
|
Total
revenues
|
210,972
|
158,740
|
184,697
|
|
686,646
|
681,439
|
Base management
fees
|
147,371
|
147,645
|
147,390
|
|
592,237
|
602,801
|
Net earnings
1
|
39,418
|
11,067
|
2,509
|
|
58,452
|
25,353
|
|
|
|
|
|
|
|
Non-IFRS Financial
Measures
|
|
|
|
|
|
|
Adjusted EBITDA
2
|
77,621
|
43,942
|
52,825
|
|
205,854
|
191,838
|
Adjusted EBITDA
margin 2
|
36.8 %
|
27.7 %
|
28.6 %
|
|
30.0 %
|
28.2 %
|
Adjusted net
earnings 1,2
|
50,163
|
23,651
|
33,083
|
|
126,066
|
121,765
|
LTM Free Cash Flow
2
|
89,212
|
98,056
|
58,944
|
|
89,212
|
58,944
|
|
|
|
|
|
|
|
Note: Certain totals,
subtotals and percentages may not reconcile due to
rounding.
|
"Although 2023 started with uncertain headwinds, we are
very pleased with full year results and the improvement over the
previous fiscal year with assets under management ending
$6.4 billion higher than the previous
quarter and $3.2 billion higher
year-on-year. Impressively, 98% of our Public Market assets
exceeded their 5-year performance benchmarks, and we wrapped up the
year by being recognized as a Top Performer, at the 2023 Global
Manager Research Awards." said Jean-Guy
Desjardins, Chairman of the Board and Global Chief Executive
Officer. We have already started 2024 with a solid plan for growth
and increased sales and distribution resources in each of our four
key regions as we look to develop new business opportunities
including opening additional offices as we enter new
markets."
"The strength in financial markets in the fourth quarter
combined with outperformance in several of our investment
strategies resulted in a year-over-year increase in total revenues.
Driven in part by strong performance fees during the quarter, we
saw an improvement in our adjusted EBITDA margin to 30% for the
year. The significant increase in our adjusted EBITDA and adjusted
net earnings also enabled us to further reduce our net debt in the
fourth quarter and to generate a last twelve-month free cash flow
which covered our dividend payments for 2023." said Lucas Pontillo, Executive Director and Global
Chief Financial Officer. "With that, I am pleased to report that
the Board of Directors has approved a dividend of 21.5 cents per share, payable on
April 11, 2024."
Assets Under Management (in $ millions, unless otherwise
indicated)
By
Platform
|
September 30,
2023
|
New
|
Lost
|
Net
Contributions
|
Net
Organic
Growth3
|
Market
and
Other4
|
December 31,
2023
|
Public Markets,
excluding AUM
sub-advised by PineStone
|
91,684
|
1,271
|
(1,519)
|
(1,518)
|
(1,766)
|
8,066
|
97,984
|
Public Markets AUM
sub-advised
by PineStone
|
44,870
|
30
|
(2,626)
|
(606)
|
(3,202)
|
3,563
|
45,231
|
Public Markets -
Total
|
136,554
|
1,301
|
(4,145)
|
(2,124)
|
(4,968)
|
11,629
|
143,215
|
Private
Markets
|
18,763
|
298
|
(182)
|
(174)
|
(58)
|
(227)
|
18,478
|
Total
|
155,317
|
1,599
|
(4,327)
|
(2,298)
|
(5,026)
|
11,402
|
161,693
|
By Distribution
Channel
|
September 30,
2023
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
December 31,
2023
|
Institutional
|
83,789
|
1,059
|
(1,230)
|
(1,369)
|
(1,540)
|
6,356
|
88,605
|
Financial
Intermediaries
|
57,759
|
353
|
(2,971)
|
(534)
|
(3,152)
|
4,477
|
59,084
|
Private
Wealth
|
13,769
|
187
|
(126)
|
(395)
|
(334)
|
569
|
14,004
|
Total
|
155,317
|
1,599
|
(4,327)
|
(2,298)
|
(5,026)
|
11,402
|
161,693
|
By
Platform
|
December 31,
2022
|
New
|
Lost
|
Net
Contributions
|
Net Organic
Growth3
|
Market
and
Other4
|
Strategic5
|
December 31,
2023
|
Public Markets,
excluding AUM
sub-advised by PineStone
|
91,046
|
3,781
|
(4,093)
|
(2,549)
|
(2,861)
|
9,799
|
—
|
97,984
|
Public Markets AUM
sub-advised
by
PineStone
|
49,219
|
153
|
(9,324)
|
(1,562)
|
(10,733)
|
7,265
|
(520)
|
45,231
|
Public Markets -
Total
|
140,265
|
3,934
|
(13,417)
|
(4,111)
|
(13,594)
|
17,064
|
(520)
|
143,215
|
Private
Markets
|
18,241
|
1,690
|
(727)
|
(649)
|
314
|
(77)
|
—
|
18,478
|
Total
|
158,506
|
5,624
|
(14,144)
|
(4,760)
|
(13,280)
|
16,987
|
(520)
|
161,693
|
By Distribution
Channel
|
December 31,
2022
|
New
|
Lost
|
Net
Contributions
|
Net
Organic
Growth3
|
Market
and
Other4
|
Strategic5
|
December 31,
2023
|
Institutional
|
84,330
|
3,532
|
(5,232)
|
(2,379)
|
(4,079)
|
8,874
|
(520)
|
88,605
|
Financial
Intermediaries
|
60,275
|
1,089
|
(7,996)
|
(1,165)
|
(8,072)
|
6,881
|
—
|
59,084
|
Private
Wealth
|
13,901
|
1,003
|
(916)
|
(1,216)
|
(1,129)
|
1,232
|
—
|
14,004
|
Total
|
158,506
|
5,624
|
(14,144)
|
(4,760)
|
(13,280)
|
16,987
|
(520)
|
161,693
|
- AUM increased by $6.4 billion or
4.1% compared to September 30, 2023:
- A favourable market impact for both fixed income and equity
mandates in the second half of the quarter of $11.6 billion was partly offset by negative net
organic growth of $5.0 billion during
the quarter.
Included in the negative net organic growth of
$5.0 billion was $3.2 billion of outflows related to AUM
sub-advised by PineStone. To our knowledge, of this $3.2 billion of outflows, $2.6 billion related to a large Canadian
Financial Intermediary client of which approximately $2.4 billion was transferred directly to
PineStone and $0.2 billion related to
lost mandates which did not transfer directly to PineStone, and
$0.6 billion related to ongoing
client relationships where clients simply rebalanced their overall
investment in strategies sub-advised by PineStone. The large
Financial Intermediary client in Canada is also expected to redirect an
additional $3.1 billion of AUM
sub-advised by PineStone during the first half of 2024, as part of
their ongoing transfer of assets to PineStone.
- AUM increased by $3.2 billion or
2.0% compared to December 31, 2022:
- A favourable market impact increased AUM by $17.6 billion on a year-to-date basis, which was
partly offset by negative net organic growth of $13.3 billion. Negative net organic growth for
the year included $13.6 billion in
Public Markets partly offset by positive net organic growth in
Private Markets, primarily from net new mandates. 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 $0.6 billion.
- Negative net organic growth included $10.7 billion of outflows connected to AUM
sub-advised by PineStone, of which, to our knowledge, $6.3 billion related to AUM that transferred
directly to PineStone, $3.0 billion
related to lost mandates which did not transfer to PineStone and
$1.4 billion ongoing client
relationships where clients simply rebalanced their overall
investment in strategies sub-advised by PineStone.
- Of the $10.7 billion of outflows
connected to AUM sub-advised by PineStone, $4.9 billion related to a large Canadian
Financial Intermediary client, of which approximately $3.5 billion was transferred directly to
PineStone. Excluding this client, management expects the AUM
reduction from lost mandates transferring directly to PineStone to
be in the range of $2 to $3 billion per year.
Fourth Quarter Financial Highlights
- Revenue increased by $52.3
million, or 33.0% compared to Q3 2023. The increase was
driven by higher performance fees in both Public and Private
Markets, primarily from Europe,
higher share of earnings in joint ventures, as well as higher
commitment and transaction fees. Base management fees in Public
Markets were slightly lower due to lower average AUM but were
essentially offset by higher base management fees in Private
Markets.
- Revenue increased by $26.3
million, or 14.2% compared to Q4 2022. The increase was
primarily due to higher performance fees in Public and Private
Markets, higher other revenues, and higher share of earnings in
joint ventures, partly offset by lower commitment and transaction
fees. Base management fees were relatively flat.
- Adjusted EBITDA increased by $33.7
million or 76.8% compared to Q3 2023, primarily due to
higher revenue from performance fees, partly offset by the
connected higher sub-advisory fees, higher variable compensation
and higher professional fees.
- Adjusted EBITDA increased by $24.8
million, or 47.0% compared to Q4 2022, primarily due to
higher revenue from performance fees and lower professional fees,
partly offset by higher variable compensation costs and
sub-advisory fees.
- Adjusted net earnings increased by $26.5
million compared to Q3 2023, primarily due to higher
revenues and favourable foreign exchange revaluation, partly offset
by higher SG&A, excluding share-based compensation and higher
income tax expense.
- Adjusted net earnings increased by $17.1
million, or 51.7% compared to Q4 2022, primarily due to
higher revenues and favourable foreign exchange revaluation, partly
offset by higher income tax expense, higher interest on long-term
debt and debentures, and higher SG&A, excluding
share-based compensation.
- Net earnings attributable to the Company's shareholders
increased by $28.3 million compared
to Q3 2023, primarily due to higher revenues, insurance proceeds
received during the quarter, the reversal of a claims provision and
favourable foreign exchange revaluation. These increases in
earnings were partly offset by higher SG&A, higher income tax
expense, along with higher restructuring, acquisition related and
other costs.
- Net earnings attributable to the Company's shareholders
increased by $36.9 million compared
to Q4 2022, primarily due to higher revenues, insurance proceeds
received, the timing of provisioning and reversals of certain
claims, and lower severance recorded in restructuring, acquisition
related and other costs. These increases in earnings were partly
offset by higher income tax expense.
- LTM free cash flow increased by $30.3
million or 51.4% compared to the corresponding period of
2022. The increase was mainly due to higher cash generated by
operating activities and lower cash used in the settlement of
purchase price obligations, partly offset by lower distributions
received from joint ventures and associates and higher interest
paid on long-term debt and debentures.
Year-to-Date Financial Highlights
The Company's financial highlights reflect the following major
items for the year ended December 31,
2023 compared to the year ended December 31, 2022:
- Revenue increased by $5.2
million, primarily due to higher base management fees in
Private Markets from higher average AUM, higher performance fees,
and higher other revenues, partly offset by 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.
- Adjusted EBITDA increased by $14.1
million, or 7.4% primarily due to higher revenues, lower
employee compensation costs, lower sub-advisory fees and lower
professional fees, partly offset by higher travel and marketing
costs.
- Adjusted net earnings increased by $4.3
million, or 3.5% primarily due to higher revenues, lower
SG&A, excluding share-based compensation, and favourable
foreign exchange revaluation, partly offset by higher interest on
long-term debt and higher income tax expense.
- Net earnings attributable to the Company's shareholders
increased by $33.1 million. Items
which impacted the year ended December 31,
2023 compared to the same period last year included:
- A higher contribution from adjusted EBITDA of $14.1 million;
- Insurance proceeds of $4.4
million received during the year related to a certain
claim
- A provision expense of $3.7
million in the current year compared to a provision expense
of $16.0 million in the prior year
related to certain claims; and
- A gain on sale of funds to New York Life investments of
$5.1 million, in connection with the
strategic distribution partnership entered into in the first
quarter of 2023.
- Interest on lease liabilities, foreign exchange revaluation and
other financial charges was $7.1
million lower, primarily due to favourable foreign exchange
revaluation.
- Amortization and depreciation was $3.7
million lower due to certain intangible assets being fully
amortized in the prior year.
- Partly offset by:
-
- $12.1 million of higher interest
on long-term debt and debentures and $9.5
million of higher income tax expense.
Subsequent to December 31, 2023
Leadership Announcements
The Company appointed Maxime Ménard as President and CEO, Fiera
Canada and Global Private Wealth, effective January 8, 2024. Mr. Menard will collaborate
closely with the Public Markets and Private Markets leadership
teams to ensure alignment with the Company's strategic
priorities. This completes the build-out of our regionalized
distribution model which will drive closer proximity to clients,
better knowledge of local markets and executive leadership for all
employees in such regions. With expanded regional capabilities,
Fiera Capital has a solid plan for growth by increasing sales and
distribution resources, including entering into and opening offices
in new key markets in order to develop additional business
opportunities.
Dividend Declared
On February 27, 2024, the Board of
Directors declared a quarterly dividend of $0.215 per Class A Share and Class B Share,
payable on April 11, 2024 to
shareholders of record at the close of business on March 14, 2024. The dividend is an eligible
dividend for income tax purposes.
Additional details relating to the company's operating results
can be found in the Company Management's Discussion and Analysis
for the three months and year ended December
31, 2023 available 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, February 28, 2024, 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 March 6, 2024 by dialing 1-888-390-0541 (toll
free), access code 504770 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.
Adjusted EBITDA (in $ thousands except for per share
data)
|
FOR THE THREE MONTHS
ENDED
|
FOR THE YEARS
ENDED
|
|
December
31,
2023
|
September
30,
2023
|
December
31,
2022
|
December
31,
2023
|
December
31,
2022
|
Net
earnings
|
42,864
|
12,236
|
4,467
|
66,273
|
31,522
|
Income tax
expense
|
11,985
|
2,353
|
1,675
|
19,625
|
10,123
|
Amortization and
depreciation
|
13,406
|
13,381
|
15,074
|
53,935
|
57,622
|
Interest on long-term
debt and
debentures
|
11,710
|
12,485
|
9,908
|
46,003
|
33,924
|
Interest on lease
liabilities, foreign
exchange revaluation and other
financial charges
|
(1,220)
|
3,805
|
1,118
|
1,005
|
8,081
|
EBITDA
|
78,745
|
44,260
|
32,242
|
186,841
|
141,272
|
Restructuring,
acquisition related
and other costs
|
3,100
|
1,511
|
7,323
|
16,069
|
19,256
|
Accretion and change
in fair value
of purchase price obligations
and other
|
106
|
(537)
|
(6,105)
|
(2,936)
|
(5,122)
|
Share-based
compensation
|
2,474
|
3,423
|
2,470
|
12,355
|
20,639
|
Loss (gain) on
investments, net
|
(124)
|
419
|
893
|
(835)
|
1,447
|
Gain on sale of
funds
|
—
|
(5,139)
|
—
|
(5,139)
|
—
|
Other expenses
(income)
|
(6,680)
|
5
|
16,002
|
(501)
|
14,346
|
Adjusted
EBITDA
|
77,621
|
43,942
|
52,825
|
205,854
|
191,838
|
Per share
basic
|
0.73
|
0.41
|
0.51
|
1.98
|
1.87
|
Per share
diluted
|
0.56
|
0.31
|
0.50
|
1.56
|
1.84
|
Weighted average
shares
outstanding - basic (thousands)
|
106,116
|
105,921
|
102,927
|
104,020
|
102,448
|
Weighted average
shares
outstanding - diluted (thousands)
|
139,543
|
141,294
|
104,640
|
131,783
|
104,190
|
Reconciliation to Adjusted Net Earnings (in $
thousands)
|
FOR THE THREE MONTHS
ENDED
|
FOR THE YEARS
ENDED
|
|
December
31,
2023
|
September
30,
2023
|
December
31,
2022
|
December
31,
2023
|
December
31,
2022
|
Net earnings
attributable to the
Company's shareholders
|
39,418
|
11,067
|
2,509
|
58,452
|
25,353
|
Amortization and
depreciation
|
13,406
|
13,381
|
15,074
|
53,935
|
57,622
|
Restructuring,
acquisition related and
other costs
|
3,100
|
1,511
|
7,323
|
16,069
|
19,256
|
Accretion and change in
fair value of
purchase price obligations and
other, and effective interest on
debentures
|
364
|
(340)
|
(5,784)
|
(1,916)
|
(3,213)
|
Share-based
compensation
|
2,474
|
3,423
|
2,470
|
12,355
|
20,639
|
Gain on sale of
funds
|
—
|
(5,139)
|
—
|
(5,139)
|
—
|
Other expenses
(income)
|
(6,680)
|
5
|
16,002
|
(501)
|
14,346
|
Tax effect of
above-mentioned items
|
(1,919)
|
(257)
|
(4,511)
|
(7,189)
|
(12,238)
|
Adjusted net
earnings attributable
to the Company's shareholders
|
50,163
|
23,651
|
33,083
|
126,066
|
121,765
|
Per share –
basic
|
|
|
|
|
|
Net
earnings
|
0.37
|
0.10
|
0.02
|
0.56
|
0.25
|
Adjusted net
earnings
|
0.47
|
0.22
|
0.32
|
1.21
|
1.19
|
Per share –
diluted
|
|
|
|
|
|
Net
earnings
|
0.30
|
0.09
|
0.02
|
0.50
|
0.24
|
Adjusted net
earnings
|
0.37
|
0.18
|
0.32
|
1.00
|
1.17
|
Weighted average
shares
outstanding - basic (thousands)
|
106,116
|
105,921
|
102,927
|
104,020
|
102,448
|
Weighted average
shares
outstanding - diluted (thousands)
|
139,543
|
141,294
|
104,640
|
131,783
|
104,190
|
Reconciliation to LTM Free Cash Flow (in $ thousands)
|
FOR THE THREE MONTHS
ENDED
|
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
|
2023
|
2023
|
2023
|
2023
|
2022
|
2022
|
2022
|
2022
|
Net cash generated
by (used in) operating
activities
|
57,599
|
79,708
|
14,123
|
(13,463)
|
66,722
|
25,686
|
46,853
|
(25,951)
|
Settlement of purchase
price obligations and
puttable financial instrument liability
|
—
|
—
|
(1,500)
|
—
|
—
|
(3,476)
|
(23,901)
|
—
|
Proceeds on promissory
note
|
1,500
|
1,510
|
1,460
|
1,536
|
1,497
|
1,455
|
1,375
|
1,334
|
Distributions received
from joint ventures and
associates, net of investments
|
1,723
|
1,617
|
502
|
4,252
|
2,513
|
3,621
|
4,338
|
6,330
|
Dividends and other
distributions to NCI
|
(3,167)
|
—
|
(5,895)
|
—
|
10
|
—
|
(1,753)
|
(1,425)
|
Lease payments, net of
lease inducements
|
(4,690)
|
(3,837)
|
(4,925)
|
(4,510)
|
(4,607)
|
(4,396)
|
(4,221)
|
(4,306)
|
Interest paid on
long-term debt and
debentures
|
(6,299)
|
(12,174)
|
(12,019)
|
(10,379)
|
(9,713)
|
(8,191)
|
(8,299)
|
(7,427)
|
Other restructuring
costs
|
2,075
|
1,226
|
452
|
1,180
|
1,056
|
470
|
160
|
418
|
Acquisition related and
other costs
|
420
|
130
|
341
|
716
|
527
|
153
|
680
|
1,412
|
Free Cash
Flow
|
49,161
|
68,180
|
(7,461)
|
(20,668)
|
58,005
|
15,322
|
15,232
|
(29,615)
|
LTM Free Cash
Flow
|
89,212
|
98,056
|
45,198
|
67,891
|
58,944
|
92,472
|
109,828
|
145,257
|
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, outlook and trends and Fiera Capital's
growth, results of operations, performance, business prospects and
opportunities and new initiatives, including initiatives that
pertain to sustainability. 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", "foresee", "forecast",
"project", "continue", "target", "intend" or the negative of these
terms or other comparable terminology and similar expressions of
future or conditional verbs, such as "may", "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, key employees, asset management industry
and competitive pressure, reputational risk, regulatory compliance,
information security policies, procedures and capabilities,
litigation risk, insurance coverage, third-party relationships,
indebtedness, market risk, credit risk, inflation, interest rates
and recession risks, ownership structure and potential dilution
and other factors described in the Company's Annual
Information Form for the year ended December
31, 2023 under the heading "Risk Factors and Uncertainties"
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 risk 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 information, future events or circumstances or
otherwise, 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