Business
Fiera Capital Announces Sale of Rights to Manage Emerging Markets Fund
Fiera Capital Announces Sale of Rights to Manage Emerging Markets Fund Canada N...
About this update from Fiera Capital Corporation Class A
[{"type":"text","content":"\n \n \n \n Fiera Capital Announces Sale of Rights to Manage Emerging Markets Fund\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n MONTREAL\n \n ,\n \n March 2, 2021\n \n /CNW Telbec/ - Fiera Capital Corporation (TSX: FSZ) (\"Fiera Capital\" or the \"Company\"), a leading independent asset management firm, today announced that Fiera Capital Inc. (\"FCI\"), its wholly-owned subsidiary, has entered into an agreement in principle to sell the advisory business related to its Fiera Capital Emerging Markets Fund (the \"Fund\") to Sunbridge Capital Partners LLC (\"Sunbridge\"), which is controlled by the Fund's current portfolio manager. The decision comes as part of the Company's strategic review of its U.S operations. The sale contemplates a pre-closing reorganization of the Fund which will be subject to approval by the Fund's Board and shareholders. Completion of the reorganization remains subject to FCI and Sunbridge entering into definitive documentation which would be subject to various conditions.\n \n \n As at\n \n September 30, 2020\n \n , the Fund had approximately\n \n US$1.9 billion\n \n in assets under management.\n \n \n In connection with the purchase of the advisory business of the Fund from City National Rochdale in\n \n December 2017\n \n , the Company was carrying\n \n US$45\n \n .1 million of purchase price obligations and\n \n US$60.3\n \n million of intangible assets for an asset management contract with indefinite life as at\n \n September 30\n \n , 2020.\n \n \n \n About Fiera Capital Corporation\n \n \n \n Fiera Capital is a leading independent global asset management firm with approximately\n \n C$180\n \n .2 billion in assets under management as of\n \n December 31, 2020\n \n . The Company provides institutional, financial intermediary and private wealth clients with access to full-service integrated money management solutions across tradit...