Fiera Capital Reports Q1 2026 Revenue Decline Amid Market Volatility

Event summary

  • Fiera Capital's Q1 2026 revenue declined 14.9% quarter-over-quarter to $153.3 million due to market volatility and lower performance fees.
  • Assets under management (AUM) decreased by $3.9 billion (2.4%) to $160.2 billion, primarily due to negative market impact and net organic growth challenges in public markets.
  • Adjusted EBITDA fell 21.9% quarter-over-quarter to $42.7 million, though the company maintained cost discipline with SG&A declining 7% year-over-year.
  • The company repurchased $3.2 million of shares and declared a quarterly dividend of $0.108 per share.
  • Net debt increased by $36 million to $700 million, with the net debt ratio rising to 3.62x.

The big picture

Fiera Capital's Q1 2026 results reflect the broader challenges faced by asset managers in volatile markets. The company's focus on cost discipline and its strong Private Markets platform position it to weather short-term turbulence, but sustained revenue growth will depend on stabilizing market conditions and client retention. The strategic emphasis on diversification and inflation hedging through private markets could be a key differentiator in a competitive landscape.

What we're watching

Market Volatility Impact
How the reversal of market losses in Q2 will affect Fiera Capital's AUM and revenue recovery.
Cost Discipline
Whether Fiera Capital can sustain its cost containment efforts amid revenue headwinds.
Private Markets Growth
The pace at which Fiera Capital's Private Markets platform can offset challenges in public markets.