Fiera Capital Corporation has announced its financial results for the first quarter ended March 31, 2017.
The firm reports assets under management (AUM) of $122.1 billion, representing an increase of $24.1 billion, or 25%, compared to $98.0 billion as at March 31, 2016. The results represent an increase of $5.2 billion, or 4.4%, from $116.9 billion as at December 31, 2016.
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During the first quarter, the firm won $2.4 billion in new mandates, mainly in the institutional and private wealth sectors, partially offset by $1.1 billion in net lost mandates. AUM revenues were at higher billing basis point than lost AUM. Also during the quarter, markets had a favourable impact of $3.8 billion on the firm’s total AUM.
Private wealth accounts for $26.3 billion in AUM for the quarter.
Revenues for the first quarter are $100.6 million, representing an increase of $34.3 million, or 52%, compared to $66.3 million for the same period last year. The year-over-year increase is mainly due to the acquisitions of Apex Capital Management, Charlemagne Capital Limited and additional revenues from private alternative investment strategies, including real estate and infrastructure, combined with organic growth in institutional and private wealth clientele.
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Compared to the previous quarter, revenues for Q1 decreased by $20.4 million, or 17% (revenues were $121.0 million the previous quarter). The decrease is mainly due to lower performance fees, which are generally only recorded in June and December of each year.
For the quarter, the firm reports adjusted net earnings per share of $0.25, a 9% year-over-year increase.
Also read: Today’s Q1 earnings roundup