Fiera Capital starts strong in 2013

• Assets under management increased by $7.5 billion—of which $6 billion comes from the UBS acquisition—to $64.5 billion from the previous quarter ended December 31, 2012, and by $35.8 billion over March 31, 2012.
• Revenue increased by 95% to $30.2 million, compared to the corresponding quarter ended March 31, 2012.
• Earnings before interests, taxes, depreciation and amortization increased by more than 100% to $10.9 million, compared to $3.4 million in Q1 2012.
• The firm recorded net earnings of $0.03 per share compared to a net loss per share of -$0.01 for the quarter ended March 31, 2012.
• Adjusted net earnings for the period were $7.4 million, or $0.13 (basic and fully diluted), per share. That’s an 86% rise over adjusted net earnings of $2.6 million, or $0.07 per share, in the same period of 2012.
• On January 31, 2013, Fiera Capital announced the closing of the transaction under which Fiera acquired the Canadian fixed income, Canadian equity and domestic balanced account business from UBS Global Asset Management (Canada). It represented AUM of approximately $6 billion for a cash consideration of $52 million, subject to certain adjustments.

Read: Fiera buy UBS’s fixed income business

• Subsequent to the end of the quarter, on May 1st, 2013 Fiera Capital has closed the transaction previously announced on January 18, 2013, with GMP Capital to acquire selected alternative asset management funds of GMP Investment Management in AUM.

Read: Fiera acquires GMP Investment Management funds

“Fiera Capital’s growth strategy is generating strong financial and operating results,” says Jean-Guy Desjardins, chairman, CEO and CIO of Fiera.

“Our acquisitions and our organic performance have combined to significantly increase assets under management, revenues, cash flow and earnings. We are continuing on this same track in 2013, aiming to become a key player in North America.”