Fiera buys UBS’s Canadian arm
Deal brings in $8 billion of assets.
BY Benefits Canada Staff | December 12, 2012
Fiera Capital Corp. has purchased UBS Global Asset Management (Canada) Inc.'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 CEO 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 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 Desjardins.
The transaction, which is subject to customary conditions, including regulatory approval, is expected to close in the first quarter of 2013.