Fiera Capital has closed the acquisition of the Canadian fixed income, Canadian equity and domestic balanced account business from UBS Global Asset Management (Canada).

The deal represents assets under management of approximately CAD8bn for a cash consideration of CAD52m, subject to certain adjustments.

This transaction, previously announced on 11 December 2012, is immediately accretive to earnings.

The transaction has been approved by regulatory authorities and has satisfied other customary conditions.