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.
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