Fiera Capital Corporation (FSZ) Q4 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 fourth 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 fourth quarter and full year. 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 two of the presentation. Our speakers today are Maxine Menard, Global President and CEO, and Lucas Pontillo, Executive Director of Global CFO and Head of Corporate Strategy. Also available to answer questions will be John Valentini, President and CEO, Private Markets. I will now turn the call over to Maxime. Good morning, everyone. Thank you for joining us today as we report operating and financial results for the fourth quarter and full year. Our total assets under management ended the year at $164.1 billion. Excluding subadvised strategies, assets under management increased 0.4% for the fourth quarter and increased by more than $7 billion, or 5.7% for the year, driven by net inflows of approximately $1 billion and strong equity markets growth in 2025. Including sub-advisory AUM, our total assets under management declined by 1.7% for the quarter and 1.8% for the year, reflecting net outflows from our sub-advisory strategies. In public markets, assets under management ended the year at $142.1 billion. Excluding sub-advised...