Fiera Capital Corporation Class A · TSX:FSZ
Fiera Capital Corporation Class A — Q4 2020 Earnings Presentation
27 slides from Fiera Capital Corporation Class A's earnings presentation, Mar 18, 2021
Slide 1: Q4 2020 Results
March 18, 2021 Q4 2020 Results
Slide 2: Important Information
Important Information This presentation contains forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements relate to future events or future performance, and reflect management’s expectations or beliefs regarding future events, incl
Slide 3: Conference Call Participants
Conference Call Participants Jean-Philippe Lemay Global President and Chief Operating Officer Lucas Pontillo Executive Vice President and Global Chief Financial Officer 3
Slide 4: Topics for Discussion
Topics for Discussion 2020 Highlights Q4 2020 & YTD 2021 highlights Discussion on AUM and flows Investment platform update Q4 2020 financial performance review Strategic update 4
Slide 5: 2020 and YTD 2021 Highlights
2020 and YTD 2021 Highlights Business Update Financial Highlights Investment Platform AUM Continued investment excellence December 31, 2020 AUM of $180.2B A $10.5B, or 6.2%, increase compared to 96%+ of fixed income AUM and 87%+ of equity AUM December 31, 2019 AUM of $169.7B beat benchmarks Ex
Slide 6: AUM of $180.2B as at December 31, 2020
AUM of $180.2B as at December 31, 2020 Q4 2020 Flows (in $ millions) AUM up $2.5B from Sept 30, 2020 Favourable market impact of $9.6B Includes $1.7B of redemptions Partly offset by a $2.8B from Bel Air unfavorable impact of foreign exchange fluctuations Net outflows of $1.65B include redemptions
Slide 7: Q4 2020 Sales Update
Q4 2020 Sales Update (in $ millions) New Lost Net Contributions from Net Organic Sales December 31, Mandates Mandates Existing Clients /Redemptions 2020 AUM Institutional 1,318 (150) (413) 755 108,636 Retail 287 (1,630) 269 (1,074) 40,561 Private Wealth 807 (1,668) (470) (1,331) 30,999 Total 2,412 (
Slide 8: Investment Platform Update
Investment Platform Update Public Markets Private Markets As at December 31, 2020 As at December 31, 2020 $164.0B in AUM $13.6B in AUM1 $3.0B increase compared to $161.0B as at $1.7B in committed, undeployed capital September 30, 2020 Subscriptions and Capital Deployment December 31, 2020 Pro Form
Slide 9: Revenue Trend
Revenue Trend Quarterly ($M) Last Twelve Months ($M) Average base management fees earned on AUM of: 36.8 bps for the LTM period ended December 31, 2020 37.0 bps for the LTM period ended December 31, 2019 36.0 bps for the LTM period ended December 31, 2018 9
Slide 10: Selling, General and Administrative Expenses (SG&A)
Selling, General and Administrative Expenses (SG&A)1 Q4 2020 vs Q4 2019 2020 vs 2019 (in $M) SG&A1 Base management fees (in $M) SG&A1 Base management fees 11.2% 5.3% 6.3% 3.1% Q4 2020 vs Q4 2019 5.3% year-over-year increase in base management fees compared to a 6.3% decrease in SG&A 2020 vs
Slide 11: Net Earnings & Adjusted Net Earnings
Net Earnings1 & Adjusted Net Earnings1,2 Q4 2020 and Q4 2019 Net earnings (loss) attributable to Company Net earnings (loss) per share1 ($) shareholders ($M) Adjusted net earnings1,2 ($M) ($0.01) per Mostly in connection with the $0.47 per share write-down of the Emerging share Markets Fund 1) Attri
Slide 12: Net Earnings & Adjusted Net Earnings
Net Earnings1 & Adjusted Net Earnings1,2 FY2020 and FY2019 Net earnings (loss) attributable to Company Net earnings (loss) per share1 ($) shareholders ($M) Adjusted net earnings1,2 ($M) ($0.03) per Mostly in connection with the $1.40 per share write-down of the Emerging share Markets Fund 1) Attribu
Slide 13: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA1 and Adjusted EBITDA Margin1 Quarterly Last Twelve Months2 2020 Adjusted EBITDA up $16.7M, or 8.7%, compared to 2019 1) Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA and Adjusted EBITDA per share, Adjusted net earnings and Adjusted net earni
Slide 14: Leverage, Liquidity and Dividends
Leverage, Liquidity and Dividends Funded debt ratio of 2.61x as at December 31, 2020 Cash and cash equivalents of $68.9M as at December 31, 2020 Dividends Paid $21.8M in dividends in Q4 2020 On March 17, 2021, dividend declared of $0.21/share (payable in April 2021) Normal Course Issuer Bid (“NC
Slide 15: Investment Performance Update – Public Markets
Investment Performance Update – Public Markets Key Public Market Q4 2020 2020 3-Year Investment Strategies1 Added Added Added Return Return Return value Value Value Equity Investment Strategies Global Equity 6.93% (1.77%) 18.67% 4.80% 17.04% 5.88% Large Cap International Equity 6.93% (3.75%) 17.95%
Slide 16: Investment Performance Update – Private Markets
Investment Performance Update – Private Markets Key Private Market Investment Strategies Q4 2020 2020 Absolute Absolute Performance, since inception Return1 Gross IRR2 Return3 Return3 Fiera Real Estate CORE Fund L.P. 8.02% - 3.52% 4.19% Real Estate Fiera Real Estate Small Cap Industrial Fund L.P. 13
Slide 17: Executing on Strategic Priorities
Executing on Strategic Priorities Q4’20 – Q1’21 Actions Taken Strategic Priorities Executing on the new global model with 1 2 strategic sales to realign operations Acquisition of a Global Equity team Continued evolution of Focus on investment augmenting and complementing the our client interaction i
Slide 18: Question Period
<> FIERACAPITAL Question Period
Slide 19: APPENDIX New AUM Categories
APPENDIX New AUM Categories 19
Slide 20: AUM Categorization Changes
AUM Categorization Changes For Illustrative Purposes – By Distribution Channel Current Channels ($B) New Channels ($B) As at December 31, 2020 As at December 31, 2020 AUA Institutional AUM Private Wealth AUM Institutional AUM $180.2B Retail AUM $180.2B Financial Intermediaries AUM Private Wealth AUM
Slide 21: AUM Categorization Changes
AUM Categorization Changes For Illustrative Purposes – By Asset Class Current Asset classes in effect January 1, 2021 asset classes As at December 31, 2020 As at December 31, 2020 Public Markets1 Private Markets2 $180.2B $164.0B $11.7B Large Cap Equity strategies $85.5B Equities $84.1B $4.9B Real Es
Slide 22: Private Markets For Illustrative Purposes
Private Markets For Illustrative Purposes Reconciliation of Private Markets AUM As at December 31, 2020 $13.6B +$1.7B $13.4B $11.7B ($1.9B) (introduced January 1, 2021) (introduced January 1, 2021) 22
Slide 23: AUM Categorization Changes
AUM Categorization Changes Pro Forma – Ex Bel Air & Emerging Markets Fund New Channels ($B) Bel Air & Emerging Markets Fund Impact ($B) As at December 31, 2020 As at December 31, 2020 AUA AUA Institutional AUM Financial $180.2B $11.2B Intermediaries AUM Financial Intermediaries AUM Private Wealth AU
Slide 24: Previous AUM Definitions – By Channel
Previous AUM Definitions – By Channel INSTITUTIONAL Fiera Capital’s diversified institutional client base includes the pension funds of several large corporations and financial institutions, endowments, foundations, religious and charitable organizations, and public sector funds of major municipal
Slide 25: New AUM Definitions – By Channel
New AUM Definitions – By Channel INSTITUTIONAL Fiera Capital’s diversified institutional client base includes the pension funds of several large corporations and financial institutions, endowments, foundations, religious and charitable organizations, and public sector funds of major municipalities
Slide 26: Mariem Elsayed, Director, Investor Relations and Public Affairs
Mariem Elsayed Director, Investor Relations and Public Affairs melsayed@fieracapital.com T 514 954-6619 26
Slide 27: fiera.com
fiera.com > FIERA