Fiera Capital Corporation (FSZ) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Sierra Capital's earnings call to discuss financial results for the second quarter of 2025. I will now turn the conference over to Natalie Medak, Director, Investor Relations. You may begin your conference. Thank you and good morning, everyone. Welcome to the Sierra Capital conference call to discuss our financial results for the second quarter of 2025. A copy of today's presentation can be found in the Investor Relations section of our website. Comments made on today's call, including replies to certain questions, may deal with forward-looking statements which are subject to risks and uncertainties that may cause actual results to differ from expectations. Please refer to the forward-looking statements on page 2 of the presentation. Our speakers today are Maxime Menard, Global President and CEO, and Lucas Pontillo, Executive Director, Global CFO, and Head of Corporate Strategies. Also available to answer questions will be John Valentini, President and CEO, Private Markets. With that, I will now turn the call over to Maxime. Good morning, everyone. Thank you for joining us today as we report our results for second quarter 2025. The second quarter began with a challenging macro environment and a sharp decline in global equity markets. While markets quickly rebounded, ending a quarter higher, a weaker U.S. dollar tempered returns for non-U.S. investors. Our assets under management ended the quarter at $160.5 billion, flat from the end of the prior quarter, excluding the previously announced wind-down of our Canadian equity small and micro-cap strategies. Robust new mandates of $1.7 billion in market gains, which included an unfavorable foreign exchange impact from the weaker U.S. dollar, were upset by negative net contribution in the qua...