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IE Staff
Montreal-based Fiera Capital Corp. reported net earnings of $23 million for the first quarter of 2021, while assets under management (AUM) declined.
Fiera’s $23-million Q1 profit compared to $12 million in the same period a year ago, the firm said in its earnings report on Thursday.
In the previous quarter, Fiera reported a loss due to an impairment charge related to the Fiera Capital Emerging Markets Fund. In the fourth quarter of 2020, City National Rochdale informed Fiera that it would no longer offer the fund to its clients, thereby discontinuing its revenue-sharing arrangement with Fiera.
The termination of that arrangement, as well as Fiera’s sale of Bel Air Investment Advisors its ultra-high-net-worth private wealth platform earlier this year, reduced AUM by $10.3 billion, Fiera said in the earnings report.
Staff
Montreal-based Fiera Capital Corp. reported net earnings of $23 million for the first quarter of 2021, while assets under management (AUM) declined.
Fiera’s $23-million Q1 profit compared to $12 million in the same period a year ago, the firm said in its earnings report on Thursday.
In the previous quarter, Fiera reported a loss due to an impairment charge related to the Fiera Capital Emerging Markets Fund. In the fourth quarter of 2020, City National Rochdale informed Fiera that it would no longer offer the fund to its clients, thereby discontinuing its revenue-sharing arrangement with Fiera.
The termination of that arrangement, as well as Fiera’s sale of Bel Air Investment Advisors its ultra-high-net-worth private wealth platform earlier this year, reduced AUM by $10.3 billion, Fiera said in the earnings report.
Fiera reports lower earnings for Q4 | Advisor's Edge advisor.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from advisor.ca Daily Mail and Mail on Sunday newspapers.