MONTREAL and TORONTO, Sept. 2, 2014 /CNW Telbec/ - Fiera Capital Corporation ("Fiera Capital" or the "Firm") (TSX: FSZ), a leading independent Canadian investment firm, announced today that it acquired Propel Capital Corporation ("Propel") for a total consideration of up to $12 million. Propel is a prominent Toronto-based investment firm which develops, manages and distributes investment solutions to Canadians with a focus on closed-end funds.
"Strategically, this acquisition, which will be accretive to earnings, directly contributes to Fiera Capital's near-term growth and leadership objectives," said Jean-Guy Desjardins, Chairman and CEO of Fiera Capital. "Propel has an excellent track record raising assets over a short period of time, and also benefits from a very strong network. With the Propel team on board, Fiera Capital is further enhancing its expertise, offering and distribution capabilities in the Canadian retail investor space."
As a result of the transaction, Propel's operations will be fully integrated into Fiera Capital's retail segment over the coming months, and Raj Lala, founder and current President and CEO of Propel, will assume the role of Executive Vice President, Retail Markets for Fiera Capital.
"The Propel team is excited to join Fiera Capital, with whom we share a similar investment and client-focused approach. This will make it possible for us to continue to serve our existing clients while also creating new, innovative investment products, and working with advisors across Canada to implement additional closed-end funds," added Raj Lala.
About Propel Capital Corporation
Propel develops, manages and distributes innovative investment solutions for Canadians through various TSX-listed closed-end funds. www.propelcapital.ca
About Fiera Capital Corporation
Fiera Capital Corporation is a leading publicly traded, independent investment firm, with more than $82 billion in assets under management. The Firm is one of only a handful of full service, multi-product investment firms in Canada, offering clients a proven top tier track record in Canadian and foreign equity and fixed income management as well as depth and expertise in asset allocation and non-traditional investments. www.fieracapital.com
Additional information relating to the Firm, including the Firm's annual information form, is on SEDAR at www.sedar.com.
This document may contain certain forward-looking statements. These statements relate to future events or future performance, and reflect management's expectations or beliefs regarding future events, including business and economic conditions and Fiera Capital's growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend" or the negative of these terms, or other comparable terminology.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement.
These factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital's interim and annual consolidated financial statements, and its Annual Report and Annual Information Form filed on www.sedar.com. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.
SOURCE: Fiera Capital Corporation
For further information:
Mélanie Tardif, CPA, CMA
Director, Corporate Communications and Investor Relations
Fiera Capital Corporation