Fiera Capital Corporation (Fiera Capital) is to acquire acquire all of the outstanding shares of Foresters Asset Management, a wholly owned subsidiary of Foresters Financial.
Foresters Asset Management is an Ontario-based investment management firm focused on institutional and insurance liability-driven investment (LDI) with approximately CAD10.5 billion in assets under management (AUM) as of 30 April, 2019. Following closing of the transaction, Fiera Capital's total liability-driven investment (LDI) AUM will exceed USD25 billion.
"The combination of Foresters Asset Management with Fiera Capital will enhance our leading Canadian institutional fixed income and LDI capabilities. This transaction will provide Fiera Capital with an opportunity to broaden its relationships with Foresters Financial and its clients, in addition to being a financially attractive endeavour," says Jean-Philippe Lemay (pictured), President and Chief Operating Officer of Fiera Capital's Canadian Division. "We are excited to partner with Foresters Asset Management's clients to provide leading-edge solutions to achieve their financial, regulatory and capital objectives. For Fiera Capital, LDI is a framework for solutions to which we bring a multi-asset reach in a holistic, yet customised, risk management approach that extends beyond fixed income alone.”
"Fiera Capital has an experienced management team and a strong track record of performance – the combination of which will provide robust investment solutions to Foresters Asset Management clients, including access to enhanced fixed income, equity and private market strategies," says Jim Boyle, President and Chief Executive Officer of Foresters Financial.
Following closing of the transaction, Fiera Capital will be incorporating the Foresters Asset Management business into its existing Canadian operations, such that Fiera Capital will become manager and portfolio manager of the Foresters Asset Management managed funds. Certain Foresters Asset Management portfolio managers will remain with Fiera Capital following closing of the transaction. The transaction is expected to be modestly accretive (mid-single digit) to adjusted EPS within the first full year post closing and is expected to close in Q3 2019, subject to the approval of unitholders of the Foresters Asset Management managed funds as well as regulatory approval. Details about the change of manager of the Foresters Asset Management managed funds will be contained in meeting materials to be mailed to unitholders of such funds.
The terms of the transaction have not been disclosed.
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