Fiera Capital shares quarter three results

Fiera Capital has released its financial results for the quarter ending 30th September, 2019.

Highlights:

• Assets under management of $164.7-billion as at Sept. 30, 2019, up 15 per cent, compared with Sept. 30, 2018;
• Q3 2019 revenues of $160-million, up 17 per cent, or $22.9-million from last year;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $46.6-million, versus $36.6-million in Q3 2018;
• Net loss per share of five cents, compared with net earnings per share of one cent in Q3 2018:
• Adjusted net earnings per share of 32 cents, versus the basic adjusted net earnings per share of 29 cents in Q3 2018 (diluted adjusted net earnings per share of 27 cents in Q3 2018);
• Company declares dividend of 21 cents per share.

Revenues for the third quarter of 2019 were $160-million, an increase of $22.9-million, or 17 per cent, compared with $137.1-million for the same period last year. The year-over-year increase is mainly the result of:

• The full quarter impact of the August, 2018, acquisition of Clearwater Capital Partners;
• The acquisition of an 80-per-cent interest in Palmer Capital Partners Ltd. in April, 2019;
• The recent acquisitions of Natixis Canada, IAM and Foresters, closed during the third quarter of 2019;
• Organic growth, mainly from institutional, private wealth and Fiera private alternative investments;
• Partially offset by a decrease in other revenues, mainly as a result of a loss on forward foreign exchange contracts, compared with a gain for the same period last year.

“Our focus during the third quarter was on integrating our recently closed acquisitions and building a strong global operations and IT platform. Since founding Fiera Capital 16 years ago, we have been allocating our capital to develop and grow our investment platform.Today, we have a wide range of successful and competitive investment strategies, positioning us better than ever before to differentiate ourselves and serve our clients globally. Our capital allocation priorities for our next phase of growth will be threefold. We will focus on improving our distribution capabilities to leverage the robust suite of investment strategies now in place; we will invest in further strengthening our technology platform and we will continue to effectively manage our financial leverage.” said Jean-Guy Desjardins, Chairman of the Board and Chief Executive Officer.