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MONTREAL, March 2, 2021 /CNW Telbec/ - Fiera Capital Corporation (TSX: FSZ) ("Fiera Capital" or the "Company"), a leading independent asset management firm, today announced that Fiera Capital Inc. ("FCI"), its wholly-owned subsidiary, has entered into an agreement in principle to sell the advisory business related to its Fiera Capital Emerging Markets Fund (the "Fund") to Sunbridge Capital Partners LLC ("Sunbridge"), which is controlled by the Fund's current portfolio manager. The decision comes as part of the Company's strategic review of its U.S operations. The sale contemplates a pre-closing reorganization of the Fund which will be subject to approval by the Fund's Board and shareholders. Completion of the reorganization remains subject to FCI and Sunbridge entering into definitive documentation which would be subject to various conditions.
As at September 30, 2020, the Fund had approximately US$1.9 billion in assets under management.
In connection with the purchase of the advisory business of the Fund from City National Rochdale in December 2017, the Company was carrying US$45.1 million of purchase price obligations and US$60.3 million of intangible assets for an asset management contract with indefinite life as at September 30, 2020.
About Fiera Capital Corporation
Fiera Capital is a leading independent global asset management firm with approximately C$180.2 billion in assets under management as of December 31, 2020. The Company provides institutional, financial intermediary 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, including New York (U.S.), London (UK), and Hong Kong (SAR).
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.sedar.com.
SOURCE Fiera Capital Corporation