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Canoe Financial Seals Deal for Fiera Mutual Fund Assets

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Canoe Financial Seals Deal for Fiera Mutual Fund Assets

(Bloomberg) — Canadian investment firm Canoe Financial LP said it will acquire the rights to manage retail mutual funds from Fiera Capital Corp. in a deal encompassing about C$1.14 billion ($820 million) in assets.The addition of Fiera’s funds lifts Canoe’s total assets under management to approximately C$6.6 billion, said the Calgary-based company. Terms of the…

Canoe Financial Seals Deal for Fiera Mutual Fund Assets

(Bloomberg) — Canadian investment firm Canoe Financial LP said it will acquire the rights to manage retail mutual funds from Fiera Capital Corp. in a deal encompassing about C$1.14 billion ($820 million) in assets.

The addition of Fiera’s funds lifts Canoe’s total assets under management to approximately C$6.6 billion, said the Calgary-based company. Terms of the transaction, which is expected to close by the end of the second quarter, weren’t disclosed.

Montreal-based Fiera, which has 750 employees in North America and Europe, managed C$170 billion as of the end of 2019. Its largest revenue line comes from handling institutional money, rather than retail funds. About 45% of its assets under management are in fixed income.

Mutual fund assets totaled C$1.61 trillion in Canada at the end of February, according to the Investment Funds Institute of Canada

“This proposed transaction builds upon our continued partnership with Fiera Capital, which has not only been beneficial to our respective firms, but also and most importantly to our investors,” Canoe Financial President and Chief Executive Officer Darcy Hulston said Thursday in a statement.

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Fiera shares were up nearly 10% as of 10:52 a.m. They are down 34% so far this year.

©2020 Bloomberg L.P.

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