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MONTREAL, Aug. 16, 2019 /CNW Telbec/ - Fiera Capital Corporation ("Fiera Capital") (TSX: FSZ), a leading independent asset management firm, announced today that it completed its previously announced acquisition of all the issued and outstanding shares of Foresters Asset Management Inc. from Foresters Life Insurance Company. Upon closing, Foresters Asset Management Inc. was renamed Fiera Capital Fund Management Inc. ("FCFM").
FCFM is an Ontario-based investment management firm focused on institutional and insurance liability-driven investment ("LDI") with approximately $10.9 billion in assets under management ("AUM") as of July 31, 2019.
Shortly following the closing of the transaction, Fiera Capital will incorporate the FCFM business into its existing Canadian operations, by amalgamating Fiera Capital and FCFM, as well as by effecting certain changes to FCFM's senior officers, directors and portfolio managers during the interim period between closing and amalgamation. As a result of these changes, Fiera Capital will become manager and portfolio manager of the funds previously managed by FCFM. All required unitholder and regulatory approvals were obtained. Details about the changes were contained in meeting materials that were mailed to unitholders on July 19, 2019.
The transaction is expected to be accretive to adjusted EPS within the first full year post closing.
Forward-Looking Information
This announcement contains forward-looking statements. These statements relate to future events and reflect management's expectations or beliefs regarding such future events, based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "plans", "believes", "expects", "aims", "intends", "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof.
With respect to management expectations regarding accretion resulting from this transaction in 2019, financial performance is based on information available to management and certain assumptions, including the accuracy of FCFM's financial statements, the level of AUM by FCFM retained following the acquisition, as well as assumptions regarding the growth in FCFM AUM and realization of synergies. Actual results could differ depending on a number of factors, including the ability to retain key personnel following the acquisition, the ability to retain clients and AUM following the acquisition and general market conditions.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital's interim and annual consolidated financial statements, and its Annual Report and Annual Information Form filed on www.sedar.com. These forward-looking statements are made as of the date hereof, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm with approximately C$149.5 billion in assets under management as of June 30, 2019. The firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital's depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com
In the U.S., asset management services are provided by the firm's U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.
Additional information about Fiera Capital Corporation, including the firm's annual information form, is available on SEDAR at www.sedar.com.
SOURCE Fiera Capital Corporation
Mariem Elsayed, Director, Investor Relations and Public Affairs, Fiera Capital Corporation, 514-954-6619, [email protected]
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