MONTREAL, Dec. 11, 2012 /CNW Telbec/ - Fiera Capital Corporation ("Fiera" or the "Firm") (TSX: FSZ) announced today that it has reached an agreement with UBS Global Asset Management (Canada) Inc. ("UBS Global AM"), to purchase UBS Global AM's Canadian fixed income, Canadian equity and domestic balanced account business representing assets under management of approximately $8 billion for a cash consideration of $52 million, subject to certain adjustments.
"In addition to further strengthening its superior client-driven service approach, this transaction will reinforce Fiera's leading position in asset management in Canada," said Jean-Guy Desjardins, Chairman and Chief Executive Officer of Fiera. "This acquisition will also further diversify Fiera's Canadian client base and expand its global reach."
Upon closing of the transaction, Fiera Capital becomes Canada's third largest independent asset manager with $63 billion in assets under management, solidifying the Firm's position as one of Canada's leading and fastest-growing asset management firms. This transaction will immediately be accretive to earnings.
"We have selected Fiera, one of Canada's most respected asset managers, as they can provide our clients with the high quality and competitive domestic investment capabilities they need together with the personalized service that they are accustomed to at UBS Global Asset Management. We are confident that this transaction will prove to be a success for our clients and both our firms," said Marcel Larochelle, President and Chief Executive Officer for UBS Global Asset Management (Canada) Inc.
"We are pleased, through this transaction, to add additional depth to our strong investment and servicing teams, providing us with the talent to further innovate and develop tailored and competitive investment solutions in order to meet and exceed our clients' diversified and evolving needs," added Mr. Desjardins.
The transaction, which is subject to customary conditions, including regulatory approval, is expected to close in the first quarter of 2013.
Financing for the transaction was arranged through National Bank of Canada. National Bank Financial acted as Sole Lead Arranger and Book Runner for this transaction.
About Fiera Capital Corporation
Fiera Capital Corporation is a leading publicly traded, independent investment firm. 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.
About UBS Global Asset Management
UBS Global Asset Management, a business division of UBS, is a large-scale asset manager with well-diversified businesses across regions, capabilities and distribution channels. It offers investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate, infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies. The Fund Services unit provides professional services including legal fund set-up, accounting and reporting for traditional investment funds and alternative funds.
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.
Image with caption: "Fiera Capital (CNW Group/FIERA CAPITAL CORPORATION)". Image available at: http://photos.newswire.ca/images/download/20121211_C7897_PHOTO_EN_21779.jpg
SOURCE: FIERA CAPITAL CORPORATION
For further information:
For Fiera Capital:
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Toronto and elsewhere
NATIONAL Public Relations
For UBS :
UBS Corporate Communications