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MONTREAL, July 27, 2020 /CNW Telbec/ - Fiera Capital Corporation (TSX: FSZ) ("Fiera Capital" or "the Company"), a leading independent asset management firm, today reported its preliminary estimate of assets under management ("AUM") of approximately C$171.0 billion as at June 30, 2020, a C$12.9 billion increase, or 8.2%, compared to AUM of C$158.1 billion as at March 31, 2020. Year over year, AUM increased C$21.5 billion, or 14.4%.
Compared to March 31, 2020 AUM of C$158.1 billion, general financial markets appreciation accounted for C$16.4 billion of the AUM increase, which was partly offset by an unfavourable foreign exchange impact of C$3.0 billion. Net inflows for the Company were positive at C$0.6 billion, and the sale of the rights to manage Fiera investments' retail mutual funds to Canoe Financial LP ("Canoe") lowered AUM in the Company's Retail market by C$1.2 billion. Following the transaction, Canoe entrusted Fiera Capital with C$450 million of sub-advisory mandates. This amount is reflected in the Company's net flows for the second quarter.
Private alternative investment strategies accounted for C$13.4 billion of the Company's C$171.0 billion in AUM as at June 30, 2020, relatively unchanged from AUM of C$13.3 billion as at March 31, 2020. Year over year, the Company grew AUM in its private market strategies by C$3.4 billion, or 34%. The Company had an additional C$1.3 billion in committed, undeployed capital at its disposal on June 30, 2020.
"I am pleased to report that AUM has reverted back to pre-pandemic levels while also setting a new record in Fiera Capital's history," said Jean-Philippe Lemay, Global President and Chief Operating Officer. "In Institutional, despite net redemptions of C$330 million, we won 10 net new mandates, with significant wins in the United States and Canada across a range of strategies, including multi-asset and private market mandates. We recorded net new flows of C$450 million in Private Wealth, mainly as a result of new mandates won in the United States, including by Bel Air Investment Advisors, and net new flows of C$500 million in Retail. We are encouraged by these results as we continue investing in and improving the Company's distribution model."
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AUM as at
About Fiera Capital Corporation
Fiera Capital is a leading independent global asset management firm with approximately C$171.0 billion in assets under management as of June 30, 2020. The Company provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. 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. www.fieracapital.com
Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, with regional hubs in New York (U.S.), London (UK), and Hong Kong.
In the U.S., asset management services are provided by the Company's U.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.sedar.com.
SOURCE Fiera Capital Corporation