News

Fiera Capital Reports Third Quarter 2022 Results

09 November 2022
  • Assets under management ("AUM") of $158.3 billion as at September 30, 2022, an increase of $1.6 billion, or 1.0%, compared to June 30, 2022
  • Revenues of $160.6 million in Q3 2022, compared to $174.9 million in Q3 2021
  • Net earnings1 of $8.7 million in Q3 2022, compared to $2.3 million in Q3 2021
  • Adjusted net earnings2 of $23.9 million in Q3 2022, compared to $37.5 million in Q3 2021
  • Adjusted EBITDA2 of $45.2 million in Q3 2022, compared to $55.4 million in Q3 2021
    • Q3 2022 Adjusted EBITDA margin2 of 28.2%; Q3 2021 margin of 31.6%
  • LTM Free Cash Flow2 of $92.5 million in Q3 2022, compared to $131.4 million in Q3 2021

Subsequent to September 30, 2022

  • On November 8, 2022, the Board of Directors declared a quarterly dividend of $0.215 per Class A subordinate voting share ("Class A Share") and Class B special voting share ("Class B Share") of the Company.

MONTREAL, Nov. 9, 2022  /CNW Telbec/ - 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, 2022. Financial references are in Canadian dollars unless otherwise indicated.

(in $ thousands except where
otherwise indicated)

Q3

Q2

Q3


YTD

YTD

2022

2022

2021


2022

2021

End of period AUM (in $ billions)

158.3

156.7

180.8


158.3

180.8

Average AUM (in $ billions)

161.6

163.0

183.2


167.4

179.1








IFRS Financial Measures







Total revenues

160,554

163,845

174,928


496,742

507,944

Base management fees

145,649

150,451

160,575


455,411

471,602

Net earnings 1

8,666

10,759

2,333


22,844

37,877








Non-IFRS Financial Measures







Adjusted EBITDA 2

45,248

46,437

55,357


139,013

155,553

Adjusted EBITDA margin 2

28.2 %

28.3 %

31.6 %


28.0 %

30.6 %

Adjusted net earnings 1,2

23,875

31,555

37,536


88,682

116,313

LTM Free Cash Flow 2

92,472

109,828

131,426


92,472

131,426

Note: Certain totals, subtotals and percentages may not reconcile due to rounding.


"Through another challenging quarter of market uncertainty, AUM was bolstered by solid organic growth in our Private Markets platform across all distribution channels, which saw 7.1% growth in the quarter and 22.0% growth year-on-year," said Jean-Philippe Lemay, Global President and Chief Executive Officer. "Volatile markets and persistent macro-economic uncertainties remained dominant in Q3. Despite ongoing client risk aversion  to active equities, affecting flows into the asset class, we remain encouraged by our ongoing efforts in our distribution capabilities with new mandates of $2.7 billion outpacing lost mandates of $1.0 billion in the quarter. We are particularly pleased with the positive net organic growth in the Institutional channel of $1.0 billion across both our Public and Private Markets platforms this quarter. We remain confident in our ability to deliver diversified solutions across a spectrum of economic conditions as we continue to execute on our strategic priorities."

"While revenues were impacted by a lower average AUM in Q3 2022 compared to the previous quarter, our Adjusted EBITDA margin remains consistent to the previous quarter at 28.2%, due in large part to a higher contribution from Private Markets on revenues," said Lucas Pontillo, Executive Vice President and Global Chief Financial Officer. "Thanks to actions taken on our capital structure in previous quarters, our balance sheet position remains robust despite the rising interest rate environment, and I am pleased to announce that the Board of Directors has approved a dividend of 21.5 cents per share, payable on December 19, 2022." 

Assets Under Management (in $ millions, unless otherwise indicated)


PUBLIC MARKETS

PRIVATE MARKETS



Institutional

Financial
Intermediaries

Private
Wealth

TOTAL
PUBLIC
MARKETS

Institutional

Financial
Intermediaries

Private
Wealth

TOTAL
PRIVATE
MARKETS

TOTAL

AUM - June 30, 2022

66,704

62,586

10,306

139,596

13,889

560

2,610

17,059

156,655

New

934

361

270

1,565

982

31

133

1,146

2,711

Net Contributions

(377)

(1,126)

(466)

(1,969)

(84)

(8)

111

19

(1,950)

Lost

(273)

(325)

(109)

(707)

(204)

(7)

(51)

(262)

(969)

Net Organic Growth 3

284

(1,090)

(305)

(1,111)

694

16

193

903

(208)

Market and Other 4

592

711

230

1,533

255

2

47

304

1,837

AUM - September 30, 2022

67,580

62,207

10,231

140,018

14,838

578

2,850

18,266

158,284

 


June 30, 2022

New

Net

Contributions

Lost

Net Organic

Growth

Market and

Other 4

September 30, 2022

Canada

106,310

1,879

(1,249)

(592)

38

1,213

107,561

United States

33,875

511

(526)

(347)

(362)

1,314

34,827

Europe & Asia

16,470

321

(175)

(30)

116

(690)

15,896

Total

156,655

2,711

(1,950)

(969)

(208)

1,837

158,284

 


PUBLIC MARKETS

PRIVATE MARKETS



Institutional

Financial
Intermediaries

Private
Wealth

TOTAL
PUBLIC
MARKETS

Institutional

Financial
Intermediaries

Private
Wealth

TOTAL
PRIVATE
MARKETS

TOTAL

AUM - December 31, 2021

82,694

77,498

12,256

172,448

12,933

398

2,535

15,866

188,314

New

1,527

1,230

693

3,450

2,147

75

507

2,729

6,179

Net Contributions

(2,757)

(2,452)

(712)

(5,921)

(836)

(2)

55

(783)

(6,704)

Lost

(762)

(1,000)

(399)

(2,161)

(440)

(11)

(70)

(521)

(2,682)

Net Organic Growth 3

(1,992)

(2,222)

(418)

(4,632)

871

62

492

1,425

(3,207)

Market and Other 4

(13,122)

(10,505)

(1,607)

(25,234)

1,034

118

(177)

975

(24,259)

Strategic 5

(2,564)

(2,564)

(2,564)

AUM - September 30, 2022

67,580

62,207

10,231

140,018

14,838

578

2,850

18,266

158,284

 


December 31,
2021

New

Net
Contributions

Lost

Net Organic
Growth

Market and
Other 4

Strategic 5

September 30,
2022

Canada

124,457

4,010

(4,371)

(1,303)

(1,664)

(15,232)

107,561

United States

44,357

1,449

(1,982)

(1,053)

(1,586)

(5,380)

(2,564)

34,827

Europe & Asia

19,500

720

(351)

(326)

43

(3,647)

15,896

Total

188,314

6,179

(6,704)

(2,682)

(3,207)

(24,259)

(2,564)

158,284


Key Financial Highlights 

Quarterly Financial Highlights

The Company's financial highlights reflect the following major items for the third quarter of 2022:

  • AUM in the third quarter of 2022 increased $1.6 billion or 1.0% compared to the previous quarter, primarily due to net new mandates in Public and Private Markets and a favourable market impact, primarily from the strengthening of the US Dollar versus the Canadian Dollar. AUM decreased by $22.5 billion or 12.4% compared to the corresponding period of 2021, due to a $25.8 billion decrease in Public Markets AUM, partly offset by a $3.3 billion increase in Private Markets AUM. The decrease in Public Markets was primarily due to the decline in equity and fixed income markets during the year. Net contributions in Public Markets during both comparative periods were negative, primarily due to portfolio rebalancing in response to current market dynamics.
  • Revenue in the third quarter of 2022 decreased by $3.2 million, or 2.0% compared to the previous quarter and $14.3 million, or 8.2% compared to the corresponding period of 2021. The decrease in both periods was primarily due to lower base management fees in Public Markets driven by lower average quarterly AUM and lower performance fees, partly offset by higher base management fees in Private Markets and higher share of earnings in joint ventures and associates.
  • Adjusted EBITDA in the third quarter of 2022 decreased by $1.2 million or 2.6% compared to the previous quarter and $10.2 million or 18.4% compared to the corresponding period of 2021. The decrease in both periods was due to a decrease in revenues, partly offset by a decrease in selling, general and administrative ("SG&A") expenses, excluding share-based compensation.
  • Adjusted net earnings in the third quarter of 2022 decreased by $7.7 million, or 24.4% compared to the previous quarter, primarily due to lower revenues and higher interest on long-term and convertible debt, higher interest on lease liabilities, foreign exchange revaluation and other financial charges, and higher income tax expense, partly offset by lower SG&A, excluding share-based compensation expense.
    • Adjusted net earnings in the third quarter of 2022 decreased by $13.6 million, or 36.3% compared to the corresponding period of 2021, primarily due to lower revenues, higher interest on lease liabilities, foreign exchange revaluation and other financial charges and higher interest on long-term and convertible debt, partly offset by lower SG&A, excluding share-based compensation and lower income tax expense.
  • Net earnings attributable to the Company's shareholders decreased by $2.1 million compared to the previous quarter, primarily due to a lower contribution from Adjusted EBITDA, higher income tax expense, and higher interest on long-term and convertible debt, partly offset by lower restructuring, acquisition related and other costs. Additional items which impacted the three-month period ended September 30, 2022 compared to the prior quarter included:
    • Interest on lease liabilities, foreign exchange revaluation and other financial charges of $6.1 million which included $5.0 million of foreign exchange revaluation and change in fair value of derivatives;
    • A revaluation adjustment of $2.6 million to reduce the fair value of the Clearwater Capital Partners LLC Purchase Price Obligation; and
    • A revaluation adjustment of $0.8 million to reduce to the fair value of the Wilkinson Global Asset Management LLC promissory note.
  • Net earnings attributable to the Company's shareholders increased by $6.4 million compared to the corresponding period of 2021. In addition to the above items impacting the three-month period ended September 30, 2022, the increase was primarily from lower compensation expense, and lower restructuring, acquisition related, and other costs, partly offset by lower revenues, higher income tax expense, and higher interest on long-term and convertible debt.
  • LTM free cash flow in the third quarter of 2022 decreased by $38.9 million or 29.6% compared to the corresponding period of 2021. The decrease was mainly due to lower cash generated by operating activities, settlements of purchase price obligations and puttable financial instrument liabilities, and a decrease in other restructuring and acquisition related and other costs compared to the prior period, partly offset by higher distributions received 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, 2022 compared to the nine-month period ended September 30, 2021:

  • Revenue for the nine-month period ended September 30, 2022 decreased by $11.2 million or 2.2%, primarily from lower base management fees from Public Markets, partly offset by an increase in base management fees in Private Markets and an increase in share of earnings in joint ventures and associates. Included in the nine-month period ended September 30, 2021 was $18.8 million of revenues related to dispositions6. Excluding dispositions6, revenue would have increased by $7.6 million or 1.6% compared to the corresponding period of 2021.
  • Adjusted EBITDA for the nine-month period ended September 30, 2022 decreased by $16.6 million, or 10.7%, primarily due to lower base management fee revenue, primarily from Public Markets, and higher selling, general and administrative expenses excluding share-based compensation. Included in the nine-month period ended September 30, 2021 was $7.9 million of Adjusted EBITDA related to dispositions6. Excluding dispositions6, Adjusted EBITDA would have decreased by $8.7 million or 5.9% compared to the corresponding period of 2021.
  • Adjusted net earnings decreased by $27.6 million, or 23.7%, primarily due to lower revenues, higher SG&A, excluding share based compensation, higher interest on lease liabilities, foreign exchange revaluation and other financial charges, higher interest on long-term and convertible debt, and higher expense on loss (gain) on investments. Included in the nine-month period ended September 30, 2021 was $8.3 million of Adjusted Net Earnings related to the dispositions6. Excluding the impact of these dispositions6, Adjusted net earnings would have decreased by $19.3 million or 17.9% compared to the corresponding period of 2021.
  • Net earnings attributable to the Company's shareholders decreased by $15.1 million. Items which impacted the nine-month period ended September 30, 2022 compared to the same period last year included:
    • A lower contribution from adjusted EBITDA of $16.6 million;
    • A $15.9 million net gain recognized in the prior year, due to the gain on the sale of Bel Air Investment Advisors LLC ("Bel Air"), partly offset by an impairment charge related to the sale of the rights to manage the Fiera Capital Emerging Markets Fund;
    • A $2.1 million increase in interest on long-term and convertible debt;
    • A $4.0 million increase in interest on lease liabilities, foreign exchange revaluation and other financial charges; and
    • A $4.3 million increase in loss (gain) on investments, consisting of a $0.6 million loss in the current year compared to a $3.7 million gain in the prior year.
  • These items were partly offset by lower amortization and depreciation of $11.6 million, lower restructuring, acquisition related and other costs of $10.3 million, and lower accretion and change in the fair value of purchase price obligations and other of $2.8 million.
  • Included in the nine-month period ended September 30, 2021 was $21.5 million of net earnings attributable to the Company's shareholders related to dispositions6. Excluding the impact of dispositions6, net earnings attributable to the Company's shareholders would have increased by $6.4 million compared to the corresponding period of 2021.

Third Quarter Business Highlights:

Dividend Declared

On November 8, 2022, the Board of Directors declared a quarterly dividend of $0.215 per Class A Share and Class B Share, payable on December 19, 2022 to shareholders of record at the close of business on November 21, 2022. 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 9, 2022, 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 1-416-764-8655 from outside North America (access code: 76179050).

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 16, 2022 by dialing 1-888-309-0541 (toll free), access code 179050 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 the 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 a description of the Company's non-IFRS Measures, please refer to page 47 of the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2022 which is available on SEDAR at www.sedar.com. For a reconciliation of the Company's non-IFRS Measures, refer to the below tables:

Reconciliation to EBITDA and Adjusted EBITDA (in $ thousands)


FOR THE THREE MONTHS ENDED

FOR THE NINE-MONTH
PERIODS ENDED


September 30,

2022

June 30,

2022

September 30,

2021

September 30,

2022

September 30,

2021

Net earnings

9,849

11,753

3,183

27,055

40,003

Income tax expense

6,172

672

3,618

8,448

9,758

Amortization and depreciation

13,679

13,512

16,164

42,548

54,055

Interest on long-term and
   convertible debt

8,515

7,266

6,475

22,290

20,184

Interest on lease liabilities, foreign
   exchange revaluation and other
   financial charges

6,074

3,266

3,822

8,689

4,676

EBITDA

44,289

36,469

33,262

109,030

128,676

Restructuring, acquisition related
   and other costs

2,772

5,328

9,992

11,933

22,196

Accretion and change in fair value
   of purchase price obligations
   and other

(2,626)

3,648

2,183

983

3,802

Loss (gain) on investments, net

(950)

443

(1,944)

554

(3,734)

Gain on sale of a business and
   impairment of assets held for
   sale

(15,927)

Share-based compensation

1,749

1,811

12,446

18,169

20,914

Other (gains) losses

14

(1,262)

(582)

(1,656)

(374)

Adjusted EBITDA

45,248

46,437

55,357

139,013

155,553

Per share basic

0.44

0.45

0.53

1.36

1.50

Per share diluted

0.43

0.44

0.51

1.34

1.44

Weighted average shares
   outstanding - basic (thousands)

102,906

103,170

104,817

102,382

103,808

Weighted average shares
   outstanding - diluted (thousands)

104,512

104,493

108,957

104,005

107,974


Reconciliation to Adjusted Net Earnings (in $ thousands)


FOR THE THREE MONTHS ENDED

FOR THE NINE-MONTH
PERIODS ENDED


September 30,

2022

June 30,

2022

September 30,

2021

September 30,

2022

September 30,

2021

Net earnings attributable to the
   Company's shareholders

8,666

10,759

2,333

22,844

37,877

Amortization and depreciation

13,679

13,512

16,164

42,548

54,055

Restructuring, acquisition related and
   other costs

2,772

5,328

9,992

11,933

22,196

Accretion and change in fair value of
   purchase price obligations and
   other, and effective interest on
   convertible debt

(2,339)

4,335

2,844

2,571

5,675

Gain on sale of a business and
   impairment of assets held for sale

(15,927)

Share-based compensation

1,749

1,811

12,446

18,169

20,914

Other (gains) losses

14

(1,262)

(582)

(1,656)

(374)

Tax effect of above-mentioned items

(666)

(2,928)

(5,661)

(7,727)

(8,103)

Adjusted net earnings attributable to the
Company's shareholders

23,875

31,555

37,536

88,682

116,313

Per share – basic






Net earnings

0.08

0.10

0.02

0.22

0.36

Adjusted net earnings

0.23

0.31

0.36

0.87

1.12

Per share – diluted






Net earnings

0.08

0.10

0.02

0.22

0.35

Adjusted net earnings

0.23

0.30

0.34

0.85

1.08

Weighted average shares
   outstanding - basic (thousands)

102,906

103,170

104,817

102,382

103,808

Weighted average shares
   outstanding - diluted (thousands)

104,512

104,493

108,957

104,005

107,974


Reconciliation to LTM Free Cash Flow (in $ thousands)


FOR THE THREE MONTHS ENDED


Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4


2022

2022

2022

2021

2021

2021

2021

2020

Net cash generated by (used in) operating
activities

25,686

46,853

(25,951)

97,226

36,960

61,452

(24,352)

94,162

Settlement of purchase price adjustments
   and obligations and puttable financial
   instrument liability

(3,476)

(23,901)

(3,551)

(8,081)

(3,115)

Proceeds on promissory note

1,455

1,375

1,334

1,319

1,258

1,152

1,123

Distributions received from joint ventures and
   associates, net of investments

3,621

4,338

6,330

2,256

1,788

(222)

1,652

2,282

Dividends and other distributions to NCI

(1,753)

(1,425)

(19)

(43)

(626)

(2,067)

32

Lease payments, net of lease inducements

(4,396)

(4,221)

(4,306)

(4,822)

(3,829)

(4,698)

(3,200)

(4,954)

Interest paid on long-term and convertible
debt

(8,191)

(8,299)

(7,427)

(6,636)

(7,460)

(6,705)

(7,769)

(7,143)

Other restructuring costs

470

160

418

883

3,112

2,599

2,662

2,128

Acquisition related and other costs

153

680

1,412

1,326

892

1,260

172

4,555

Free Cash Flow

15,322

15,232

(29,615)

91,533

32,678

50,661

(39,860)

87,947

LTM Free Cash Flow

92,472

109,828

145,257

135,012

131,426

112,613

101,583

87,169


3) Net Organic Growth represents the sum of New, Net Contributions and Lost.

4) Market and Other includes the impact of market changes, income distributions and foreign exchange.

5) Relates to AUM connected to Bel Air, which is no longer sub-advised by Fiera Capital effective May 14, 2022, following the sale of the Company's equity interest in Bel Air on February 28, 2021.

6) Impact of dispositions

The Company's strategic activity during fiscal 2021 included various dispositions. For comparative purposes, the Company has provided information throughout the MD&A on the impact of these dispositions, where significant. Where the term "impact of dispositions" is referenced, the results of the disposed entities prior to their sale have been excluded from the comparative periods, as follows:

–      Year-to-date September 30, 2022 compared to year-to-date September 30, 2021: Excludes the results of Bel Air Investment Advisors ("Bel Air") disposed of on February 28, 2021 and the rights to manage the Fiera Capital Emerging Markets Fund disposed of on July 9, 2021.

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", "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. The uncertainty created by the COVID-19 pandemic has heightened such risk given the increased challenge in making predictions, forecasts, projections, expectations, or conclusions. 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 StonePine Asset Management Inc. ("StonePine"), 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 and other factors described in the Company's Annual Information Form for the year ended December 31, 2021 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.sedar.com.

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 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 and approximately C$158.3 billion in assets under management as of September 30, 2022. 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. 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).

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 and/or the relevant product is registered or authorized to provide services pursuant to an exemption from registration.

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

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