SHAREHOLDERS OF SCEPTRE INVESTMENT COUNSEL APPROVE PROPOSED COMBINATION WITH
FIERA CAPITAL

Fiera Sceptre will have approximately $30 billion in assets under management

TORONTO and MONTREAL, Aug. 24 /CNW Telbec/ - Sceptre Investment Counsel Limited ("Sceptre") (TSX: SZ) and Fiera Capital Inc. ("Fiera Capital") jointly announced today that 99.8% of Sceptre common shareholders have voted in favour of the previously announced statutory plan of arrangement (the "Arrangement") pursuant to which Sceptre and Fiera Capital will combine to create Fiera Sceptre, a leading publicly traded, fast growing independent money manager with approximately $30 billion in assets under management. The shareholders' vote took place at the special meeting of shareholders of Sceptre held today at the offices of McCarthy Tétrault LLP in Toronto, Ontario.

Sceptre has a scheduled hearing date on August 27, 2010 at 10:00 a.m. before the Ontario Superior Court of Justice (Commercial List) to seek to obtain the final approval with respect to the Arrangement.  Subject to the conditions of closing in the transaction agreement dated June 16, 2010, between Sceptre and Fiera Capital, as amended, being satisfied, the arrangement is expected to be effective on September 1, 2010. Sceptre has applied to the Toronto Stock Exchange to have the Class A Subordinate Voting Shares of Fiera Sceptre listed on the Toronto Stock Exchange.

In addition, a majority of shareholders of Sceptre approved an amendment to the Sceptre option plan dated May 7, 2007. As a result, Sceptre is now authorized to reserve 2,021,588 shares for issuance under such plan, representing an increase of 1,021,588 shares.

"Two months ago we announced our intention to combine Sceptre and Fiera Capital's businesses to create one of very few independent, multi-product Canadian investment firms offering clients proven depth and expertise in equity and fixed income management, asset allocation and alternative investments. With the outcome of today's vote, this value-creating transaction for both our clients and shareholders is now close to becoming a reality," said W. Ross Walker, Chairman of the Board of Sceptre. "The Board of Directors had recommended that shareholders vote in favour of the Arrangement and we are pleased to see that they recognized the intrinsic value of this transaction," he added.

"This is a great day for both Sceptre and Fiera Capital. The two firms are an ideal fit for each other," said Jean-Guy Desjardins, Chairman, Chief Executive Officer and Chief Investment Officer of Fiera Capital.  "By leveraging the strengths of both companies and enhancing their ability to deliver service and performance, this transaction creates a significant player in the Canadian investment management sector. Everyone at Fiera Capital is very much looking forward to working with the Sceptre team to realize Fiera Sceptre's fullest potential," he concluded. 

About Sceptre Investment Counsel

Sceptre Investment Counsel Limited is a leading Canadian independent investment management firm with assets under management of approximately $7 billion. Sceptre became a public company listed on the Toronto Stock Exchange in 1986.  Sceptre's Pension and Institutional Fund group manages investment portfolios for a wide range of clients, including corporations, governments, hospitals, charitable foundations, endowments, universities and unions. Through its Wealth Management group, Sceptre provides discretionary funds and segregated account management for high net-worth individuals, and offers a family of eight mutual funds. www.sceptre.ca

About Fiera Capital

Fiera Capital is a Montreal-based privately held investment firm originally created as a result of a 2003 partnership between Desjardins Financial Group, Canada's largest cooperative financial group and Mr. Jean-Guy Desjardins together with a group of employees. Fiera Capital is one of Canada's leading independent, full-service, multi product investment firms, focused on delivering competitive and tailored multi-style investment solutions to its clientele, composed largely of institutional investors, mutual funds, religious and charitable organizations and high net worth investors. With unique expertise in asset allocation, equity and fixed income management and non-traditional investment solutions, Fiera Capital currently manages approximately $23 billion in assets. www.fieracapital.com.  

Forward-looking Statements

This document may contain certain forward-looking statements.  These statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events including business and economic conditions and Sceptre's growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend" or the negative of these terms or other comparable terminology.

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 Sceptre's interim and annual consolidated financial statements and its Annual Report and Annual Information Form filed on sedar.com. These forward-looking statements are made as of the date of this document, and Sceptre assumes no obligation to update or revise them to reflect new events or circumstances.

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