Fiera Real Estate announces Ben Coles as Chairman
Founder Ray Palmer steps back from executive leadership after more than 30 years at the helm, transitioning to a non-executive role on the Board.
9th March 2026, London – Fiera Real Estate UK Limited, (“Fiera Real Estate”), the European real estate arm of Fiera Capital Corporation (“Fiera Capital”) (TSX: FSZ) with the USD119.7 billion AUM0F , has announced the appointment of Ben Coles as Chairman, succeeding Ray Palmer, who moves to a non-executive position on the Board. The appointment reflects the next phase of Fiera's growth strategy as the platform continues to expand its presence across the UK and Europe.
Ray Palmer founded Palmer Capital in 1993, which later became the European arm of Fiera Real Estate, following a partnership in 2019. Under his leadership, the platform grew significantly through a differentiated operating partner model, holding stakes in nine specialist property companies to originate and develop investments across targeted sectors. Palmer will continue to support the business in a non-executive capacity, maintaining a close involvement with the firm's current and long-term strategy.
Coles brings over 25 years of real estate experience to the role, including 22 years at Wrenbridge, 15 of which as its CEO. During his tenure, Wrenbridge, a Fiera Real Estate operating partner, evolved into a leading cross-sector developer and investor, delivering more than 10 million sq ft of projects with a combined value exceeding £4.5 billion. He steps down as CEO of Wrenbridge, with the senior management team assuming day-to-day leadership of the business.
His appointment comes at a period of significant momentum for the Fiera Real Estate. Led by Head of European Real Estate Charles Allen, the business has evolved into a diversified real estate investment manager with almost £2.7 billion of assets under management across residential, logistics and debt strategies in the UK and Europe1F, forming part of a global real estate offering with approximately USD 8.7 billion in assets under management. In January, the business established an industrial development joint venture with Universities Superannuation Scheme, one of the largest private pension schemes in the UK. The firm continues to expand its private debt portfolio, having deployed over €400 million across the UK and Europe in the past two years, while its diversified living portfolio, including its property company network, manages more than 17,500 beds in total.
Ray Palmer, Non-Executive Board member, Fiera Real Estate, commented:
“It has been a privilege to lead the business from its origins as Palmer Capital through to the institutional platform we have built today as Fiera Real Estate.
“I am immensely proud of the team and the culture we have created. As the business continues to scale, this is the right time to transition to a non-executive role while ensuring continuity and stability.
“Ben is the outstanding candidate to chair the business. He has been deeply embedded within the Fiera ecosystem for many years, brings a sophisticated understanding of our operating partner model, and has a proven ability to scale platforms and cultivate enduring capital relationships. I look forward to supporting him, Charles and the wider team as the business accelerates its next chapter.”
Ben Coles, Chairman of Fiera Real Estate, said:
“It is an honour take on this role and build on the legacy created by Ray. Fiera Real Estate has developed a distinctive market proposition, underpinned by deep sector specialisation and a differentiated operating partner model that delivers for investors.
“There is real potential to expand the platform by increasing assets under management, broadening our geographic footprint, and deepening relationships with global capital partners. The business is positioned to capture large and complex transactions, while maintaining the agility that has defined its success to date.”
Charles Allen, Head of European Real Estate, Fiera Real Estate, added:
“Ray’s entrepreneurial vision and long-term stewardship have been instrumental in shaping Fiera Real Estate’s market leading position it finds itself in today.
“Ben’s appointment comes at an important point in our growth trajectory as we continue to scale the business and execute our high-conviction, pan-European strategy. With the depth of experience across our Board, executive team and operating partners, we are extremely well equipped for long-term success.”
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About Fiera Real Estate
Fiera Real Estate, a wholly-owned subsidiary of Fiera Capital, is a leading investment management company that, together with its affiliates, offers a global platform with a presence across North America, Europe, Australia and New Zealand, focusing on core, value-add and opportunistic equity strategies and short to medium-term debt financing. The firm manages over USD8.7 billion of commercial real estate globally through a range of funds and accounts as at 31st December 2025. The highly diverse nature of its portfolio – in terms of both geographies and sectors – combined with a range of high-quality strategies provides investors with opportunities to diversify their exposure and customise their investment experience within the real estate asset class.
The European division of Fiera Real Estate was founded in 1992 and is headquartered in London, UK. Together with its operating partner network, it directly manages £2.7 billion of AUM, as at 31stDecember 2025. The firm leverages a vertically integrated business model to source, create, deliver and manage best-in-class assets, combining an investment management platform with granular asset management capabilities via ownership in nine operating partners.
About Fiera Capital Corporation
Fiera Capital Corporation (“Fiera Capital”) is a leading independent asset management firm with a growing global presence. Fiera Capital delivers customised 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 and the Middle East. 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), Hong Kong (SAR) and Abu Dhabi (ADGM).
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 the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.
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 Fiera Capital's Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
Disclosure
The information presented is for informational purposes only and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any investment product. The information presented in this document, in whole or in part, is not investment, tax, legal or other advice, nor does it consider the investment objectives or financial circumstances of any investor.
This document may contain “forward-looking statements” which reflect the current expectations of Fiera Capital and/or its Affiliates. These statements reflect current beliefs, expectations, and assumptions with respect to future events and are based on information currently available. Although based upon what Fiera Capital and its affiliates believe to be reasonable assumptions, there is no guarantee that actual results, performance, or achievements will be consistent with these forward-looking statements. There is no obligation for Fiera Capital and/or its Affiliates to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.