Fiera Capital Corporation

Fiera Capital Corporation is a leading independent asset management firm headquartered in Montreal, Quebec, Canada. The company's mission is to deliver superior investment solutions and build enduring partnerships that contribute to the prosperity of its clients and the community, while also focusing on disciplined capital allocation, risk-adjusted returns, and long-term value creation.

Fiera Capital offers a comprehensive range of traditional and non-traditional investment strategies across public and private markets. Its services include fixed income, equity, balanced, alternative investments, and private markets such as real estate, infrastructure, natural capital, corporate private credit, and private equity. The firm serves a diverse client base, including institutional investors, financial intermediaries, and private wealth clients across North America, Europe, the Middle East, Africa, and Asia.

As of December 31, 2025, Fiera Capital reported approximately C$164.1 billion in assets under management (AUM), positioning itself as Canada's third-largest publicly traded independent investment manager. Jean-Guy Desjardins serves as the Founder and Executive Chair of the Board, while Maxime Ménard is the Global President and Chief Executive Officer. Recent activities include the announcement of Q1 2026 financial results, a $100 million seed investment for its OAKS EM Select Strategy, and the expansion of its global infrastructure capabilities.

Latest updates

Fiera Capital Refinances $100M Debt with FTQ Solidarity Fund

Event summary

  • Fiera Capital completed a $100M senior subordinated unsecured debenture refinancing with Fonds de solidarité FTQ on May 4, 2026.
  • The new debenture bears a 7.40% annual interest rate and matures on April 30, 2031.
  • The refinancing replaces a 6.00% debenture due June 30, 2027, also with Fonds de solidarité FTQ.
  • Fiera Capital has the option to repay the debenture with Class A subordinate voting shares.

The big picture

This refinancing strengthens Fiera Capital's capital structure, aligning with its goal of maintaining financial flexibility. The move comes amid broader industry trends of asset managers optimizing debt to support growth and sustainability initiatives. With a global presence and over a dozen offices worldwide, Fiera Capital's ability to secure long-term financing from a valued partner like Fonds de solidarité FTQ underscores its strategic positioning in dynamic markets.

What we're watching

Debt Management
How Fiera Capital's ability to repay with shares will impact its capital structure and shareholder dilution.
Interest Rate Exposure
Whether the higher 7.40% interest rate will pressure Fiera Capital's profitability amid rising rates.
Strategic Priorities
The pace at which Fiera Capital will execute on its long-term value creation goals with this refinancing.

Fiera Capital CEO Returns After Medical Leave

Event summary

  • Maxime Ménard has resumed his role as Global President and CEO of Fiera Capital, effective immediately.
  • Gabriel Castiglio has returned to his role as Executive Director, Global Chief Operating Officer.
  • Ménard previously stepped down due to a medical leave of absence, the duration of which was not disclosed.
  • Jean-Guy Desjardins, Founder and Executive Chair, expressed the Board's confidence in Ménard's return.

The big picture

The sudden return of the CEO after a medical leave introduces a degree of uncertainty regarding Fiera Capital’s strategic direction. While the Board’s confidence is reassuring, the interim period under Castiglio may have resulted in adjustments or initiatives that Ménard may choose to alter. This event underscores the importance of robust succession planning within asset management firms, particularly given the increasing complexity of global markets and regulatory landscapes.

What we're watching

Operational Impact
The speed at which Ménard reasserts control and implements any strategic shifts will indicate the extent of his influence and the potential for operational changes following Castiglio’s interim leadership.
Succession Planning
The Board’s swiftness in addressing Ménard’s absence highlights a potential vulnerability in succession planning; future contingencies will be closely scrutinized.
Performance Trajectory
Whether Fiera Capital’s performance, particularly in key markets like North America and Asia, can sustain its current momentum under Ménard’s renewed leadership remains to be seen.

Fiera Capital AUM Declines as Market Volatility and Strategy Wind-Down Weigh

Event summary

  • Fiera Capital's AUM decreased by 2.4% to $160.2 billion as of March 31, 2026, from $164.1 billion as of December 31, 2025.
  • Public Markets AUM, excluding sub-advised AUM, fell 2.2%, impacted by market volatility and $1.35 billion in outflows related to the wind-down of the Canadian Equity Small Cap Core strategy.
  • Net outflows from sub-advised AUM totaled $500 million, attributed to client rebalancing.
  • Private Markets AUM increased 0.9%, driven by positive market and FX impacts and nominal net inflows.

The big picture

Fiera Capital's AUM decline highlights the challenges asset managers face in a volatile market environment. The significant outflows linked to the Canadian Equity Small Cap Core strategy wind-down suggest a potential strategic misstep or a shift in client preferences. The firm's ability to recover AUM and demonstrate resilience will be crucial for maintaining its position in the competitive asset management landscape.

What we're watching

Strategy Execution
The success of Fiera Capital's remaining strategies will be critical to offsetting outflows and rebuilding AUM, particularly given the recent closure of the Canadian Equity Small Cap Core strategy.
Client Retention
Whether Fiera Capital can retain existing clients and attract new ones will depend on its ability to demonstrate consistent performance and adapt to evolving market conditions.
Market Impact
The continued volatility of public markets will likely influence AUM levels, and Fiera Capital's ability to navigate these conditions will be a key factor in its performance.

Fiera Capital CEO Takes Medical Leave, COO Assumes Interim Role

Event summary

  • Maxime Ménard, Global President and CEO of Fiera Capital, has taken a medical leave of absence, effective immediately.
  • Gabriel Castiglio, currently Executive Director and Global Chief Operating Officer, has been appointed Interim Global CEO.
  • Jean-Guy Desjardins, Founder and Executive Chair of the Board, expressed confidence in Castiglio's ability to lead the firm.
  • The company anticipates Ménard's return to his role at an unspecified future date.

The big picture

The sudden departure of a CEO, even on medical leave, introduces uncertainty for any asset management firm. Fiera Capital, as an independent firm with a global presence, relies heavily on consistent leadership and a stable investment approach to retain institutional clients. The appointment of the COO suggests an attempt to minimize disruption, but the long-term impact on the firm's strategic direction remains to be seen, particularly given the competitive landscape within the asset management industry.

What we're watching

Operational Shift
Castiglio's transition from COO to CEO may subtly alter Fiera Capital's operational focus, potentially emphasizing efficiency and cost management over strategic expansion, at least in the short term.
Client Confidence
The firm's ability to maintain client relationships and AUM stability will hinge on Castiglio’s communication and demonstration of continuity in investment strategy during Ménard’s absence.
Succession Clarity
The duration of Ménard’s leave and the ultimate decision regarding a permanent CEO replacement will be key indicators of the board’s succession planning capabilities and potential internal leadership pipeline.

Fiera Capital Pauses Fund Termination, Signals Potential Tax Strategy

Event summary

  • Fiera Capital has deferred the previously announced termination of the imaxx Canadian Fixed Pay Fund.
  • The deferral is to explore alternatives, specifically a potential transaction under section 107.4 of the Canadian Income Tax Act.
  • Another potential alternative is causing the Fund to cease being a reporting issuer.
  • The Fund is managed by Fiera Capital Corporation, which trades on the Toronto Stock Exchange (TSX: FSZ).

The big picture

Fiera Capital's decision to defer the fund termination is an unusual move, suggesting a more complex situation than initially presented. Section 107.4 of the Income Tax Act allows for certain tax-advantaged rollovers, but utilizing it often involves intricate structuring and potential regulatory review. This action could be a sign of broader pressure on asset managers to optimize capital structures and navigate increasingly complex tax landscapes.

What we're watching

Tax Implications
The exploration of a section 107.4 transaction suggests Fiera Capital may be seeking to unlock value or manage tax liabilities related to the fund, which warrants scrutiny of the potential financial impact and associated risks.
Regulatory Headwinds
The consideration of the fund ceasing to be a reporting issuer indicates potential concerns regarding regulatory compliance or costs, and could signal broader shifts in Fiera Capital's approach to fund management.
Execution Risk
Successfully executing a section 107.4 transaction is complex and contingent on various factors, and any failure to do so could negatively impact investor sentiment and Fiera Capital's reputation.

Fiera Capital AUM Dips as Sub-Advisory Fees Weigh on Results

Event summary

  • Fiera Capital's AUM decreased by $2.8 billion (1.7%) to $164.1 billion as of December 31, 2025.
  • Net organic growth was negatively impacted by $3.1 billion from sub-advised AUM.
  • The company reported a net earnings attributable to shareholders of $7.67 million in Q4 2025, up from a loss of $0.192 million in Q4 2024.
  • Fiera Capital reduced its net debt ratio to 3.4x from 3.5x in the prior quarter.

The big picture

Fiera Capital's Q4 2025 results highlight the challenges facing independent asset managers navigating market volatility and evolving client preferences. The decline in AUM, particularly within sub-advised mandates, underscores the importance of diversifying revenue streams and demonstrating value-added services. While cost containment measures and debt reduction are positive signs, the company's future performance hinges on its ability to reignite organic growth and reduce its reliance on sub-advisory relationships.

What we're watching

Sub-Advisory Dependence
The significant reliance on sub-advised AUM, which contributed to the negative organic growth, raises questions about the sustainability of this revenue stream and potential diversification risks.
Growth Execution
The company's ability to accelerate growth through its stated strategic priorities will be critical, given the current AUM decline and competitive pressures within the asset management industry.
Debt Management
While the reduction in the net debt ratio is positive, continued market volatility and potential AUM outflows could impact Fiera Capital's ability to maintain this leverage ratio.

Fiera Infrastructure Debt Fuels Starlight's Alberta Solar Expansion

Event summary

  • Fiera Infrastructure Private Debt provided additional development capital financing to Starlight.
  • The financing will be used to advance Starlight's portfolio of solar projects in Alberta.
  • Selkirk Advisory Group Inc. acted as arranger and loan agent for the transaction.
  • Fiera Infrastructure Private Debt manages C$720 million (US$526 million) in assets under management as of December 31, 2025.

The big picture

This transaction underscores the growing demand for specialized private debt financing within the renewable energy sector, particularly for development-stage projects. Fiera's continued support of Starlight highlights its focus on the North American infrastructure market and its ability to structure tailored financing solutions. The deal also demonstrates the role of advisors like Selkirk in facilitating these complex transactions, particularly in the mid-market space.

What we're watching

Project Execution
The success of this financing hinges on Starlight's ability to efficiently develop and commission the Alberta solar projects, potentially facing permitting and grid-connection challenges.
Capital Demand
Continued demand for private debt financing within the renewable energy sector will be crucial for Fiera Infrastructure Private Debt to maintain its growth trajectory and deploy capital effectively.
Partner Dynamics
The ongoing relationship between Fiera, Starlight, and Selkirk will be key, as bespoke financing structures rely on strong collaboration and trust.

Fiera Capital AUM Declines Amidst Sub-Advisory Outflows

Event summary

  • Fiera Capital's AUM decreased to approximately $164.1 billion as of December 31, 2025, from $166.9 billion as of September 30, 2025.
  • Institutional AUM slightly decreased to $93.6 billion, while Financial Intermediaries AUM fell to $56.7 billion.
  • Public Markets AUM, excluding sub-advised strategies, increased by 4.7% year-over-year, but experienced $400 million in net outflows during Q4 2025.
  • Private Markets AUM increased by 11.4% year-over-year, driven by net inflows and a strategic acquisition in Q1 2025.
  • Fiera Capital will release Q4 2025 financial results on February 26, 2026.

The big picture

Fiera Capital's recent AUM decline highlights the challenges faced by asset managers navigating fluctuating market conditions and increasing competition. The divergence between the performance of Public and Private Markets underscores the shifting preferences of institutional investors towards alternative asset classes. The company's reliance on sub-advisory services, as evidenced by the recent outflows, presents a potential vulnerability that requires careful management.

What we're watching

Sub-Advisory Trends
The significant outflows from sub-advised Public Markets strategies warrant investigation to determine the underlying causes and potential impact on future AUM growth. Further detail on client retention and the competitive landscape within sub-advisory services will be key.
Private Markets Momentum
While Private Markets AUM demonstrates strong growth, the impact of the $1 billion in income distributions and return of capital needs to be assessed to understand the underlying performance and sustainability of these inflows.
Market Sensitivity
Fiera Capital's AUM is demonstrably sensitive to market fluctuations, and the firm's ability to generate net inflows during periods of market volatility will be a critical indicator of its long-term resilience.
CID: 1340