Business
Fiera Capital announces sale of Bel Air Investment Advisors and Wilkinson Global Asset Management
Fiera Capital announces sale of Bel Air Investment Advisors and Wilkinson Global Asset Ma...
About this update from Fiera Capital Corporation Class A
[{"type":"text","content":"\n \n \n \n Fiera Capital announces sale of Bel Air Investment Advisors and Wilkinson Global Asset Management\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n MONTREAL\n \n ,\n \n Jan. 4, 2021\n \n /CNW Telbec/ - Fiera Capital Corporation (TSX: FSZ) (\"Fiera Capital\" or the \"Company\"), a leading independent asset management firm, today announced that it has entered into an agreement to sell Bel Air Investment Advisors (\"Bel Air\"), its ultra high net worth private wealth platform, to Hightower Advisors (\"Hightower\"), one of the largest registered investment advisors in\n \n the United States\n \n .\n \n \n Concurrently, the Company also announced the completion of the sale of Wilkinson Global Asset Management (\"WGAM\"), its\n \n New York\n \n -based private wealth investment manager, to Wilkinson Global Capital Partners LLC, pursuant to the call option entered into on\n \n December 1, 2018\n \n .\n \n \n \n \"After thorough strategic review of our private wealth operations in the U.S. and in light of the evolution of our private wealth business model, we elected to divest Bel Air and WGAM, two high quality businesses,\"\n \n said\n \n Jean-Guy Desjardins\n \n , Chairman of the Board and Chief Executive Officer.\n \n \"These transactions are also a testament to our commitment to create value for our shareholders through disciplined capital allocation, which remains a key strategic priority for us.\"\n \n \n \n \n \"Our competitive advantage in the private wealth space is predicated on our fully discretionary model and on providing clients unique and differentiated investment offerings through tailored and holistic portfolio solutions,\"\n \n said Jean–Philippe Lemay, Global President and Chief Operating Officer.\n \n \"The transactions announced today allow us to better align our remaining regional platforms for private wealth management and transition them to a globally integrated model.\"\n \n \n \n The aggregate selling price for both transactions is approximately\n \n C$81 million\n \n , excluding transaction c...