CALGARY, April 09, 2020 (GLOBE NEWSWIRE) -- Canoe Financial LP (“Canoe Financial”) and Fiera Capital Corporation (TSX: FSZ) (“Fiera Capital”) and its wholly-owned subsidiary, Fiera Investments LP (“Fiera Investments”), today announced that they have reached an agreement under which Canoe Financial will acquire the rights to manage all of Fiera Investments’ retail mutual funds listed below (the “Mutual Funds”), representing approximately $1.14 billion in assets. The transaction is expected to close on or about the end of the second quarter of 2020, subject to receipt of all necessary approvals.
“We are very pleased to have reached an agreement to acquire Fiera Capital’s high quality mutual fund line-up, and look forward to continuing to offer their investors industry-leading and award winning active portfolio management,” said Darcy Hulston, President and CEO of Canoe Financial. “This proposed transaction builds upon our continued partnership with Fiera Capital, which has not only been beneficial to our respective firms, but also and most importantly to our investors.”
Following completion of this transaction, Canoe Financial will enjoy greater scale, which will provide enhanced efficiencies and other benefits for all of Canoe Financial’s investors. Canoe Financial’s long-term strategy consists of growing assets under management both organically and through acquisitions. The addition of Fiera Investment’s fund assets would bring Canoe Financial’s total assets under management to approximately $6.6 billion.
“This transaction will allow Fiera Capital to broaden its existing partnership with Canoe Financial by leveraging the combination of Canoe Financial’s strong distribution network in the Canadian retail market with Fiera Capital’s excellence in investment management,” said Jean‑Phillippe Lemay, Global President and Chief Operating Officer of Fiera Capital. “Canoe Financial is one of the fastest growing entities in the Canadian mutual fund industry, with over $5.45 billion in assets across a diversified range of award-winning funds, and we are very pleased to enhance our relationship with this long-standing strategic partner.”
The proposed transaction is subject to the receipt of all necessary regulatory approvals and approval by the securityholders of the Mutual Funds. Upon completion of the Proposed Transaction and subject to receipt of all necessary approvals, Canoe Financial will become the trustee, manager and portfolio manager of the Mutual Funds, as described below, and all Mutual Funds will undergo a name change to continue under the Canoe Financial banner. In addition, the Mutual Funds will be merged into mutual funds managed by Canoe Financial subject to securityholder approval of the Mutual Funds and certain of the Canoe Financial mutual funds.
| Name of Mutual Fund | Proposed Changes |
| Fiera Intrinsic Balanced Registered Fund (to be renamed Canoe Intrinsic Balanced Registered Fund) |
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| Fiera Canadian Bond Fund (to be renamed Canoe Canadian Bond Fund) |
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| Loomis Sayles Global Diversified Corporate Bond Fund (to be renamed Canoe Global Diversified Corporate Bond Fund) |
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| Fiera Canadian Preferred Share Registered Fund (to be renamed Canoe Canadian Preferred Share Registered Fund) |
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| Fiera Canadian Dividend Registered Fund (to be renamed Canoe Canadian Dividend Registered Fund) |
|
| Fiera U.S. Dividend Registered Fund (to be renamed Canoe U.S. Dividend Registered Fund) |
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| Oakmark U. S. Equity Registered Fund (to be renamed Canoe U.S. Equity Registered Fund) |
|
| Fiera Strategic Balanced Registered Fund (to be renamed Canoe Strategic Balanced Registered Fund) |
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| Fiera Core Global Equity Registered Fund (to be renamed Canoe Core Global Equity Registered Fund) |
|
| Oakmark International Equity Registered Fund (to be renamed Canoe International Equity Registered Fund) |
|
| Loomis Sayles Strategic Monthly Income Fund (to be renamed Canoe Strategic Monthly Income Fund) |
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| Fiera Intrinsic Balanced Class (to be renamed Canoe Intrinsic Balanced Class) |
|
| Fiera Canadian Bond Class (to be renamed Canoe Canadian Bond Class) |
|
| Loomis Sayles Global Diversified Corporate Bond Class (to be renamed Canoe Global Diversified Corporate Bond Class) |
|
| Fiera Canadian Preferred Share Class (to be renamed Canoe Canadian Preferred Share Class) |
|
| Fiera Canadian Dividend Class (to be renamed Canoe Canadian Dividend Class) |
|
| Fiera U.S. Dividend Class (to be renamed Canoe U.S. Dividend Class) |
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| Oakmark U.S. Equity Class (to be renamed Canoe U.S. Equity Class) |
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| Fiera Strategic Balanced Class (to be renamed Canoe Strategic Balanced Class) |
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| Fiera Core Global Equity Class (to be renamed Canoe Core Global Equity Class) |
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| Oakmark International Equity Class (to be renamed Canoe International Equity Class) |
|
Details regarding the changes will be contained in meeting materials to be mailed to securityholders of the Mutual Funds and select Canoe funds. More information on the proposed acquisition can be found in the Fiera Capital news release issued today and posted on www.sedar.com.
About Canoe Financial
Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing over $5.45 billion in assets across a diversified range of award-winning mutual funds and private energy equity products. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has significant national presence across Canada, including offices in Calgary, Toronto and Montreal.
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm with approximately C$169.7 billion in assets under management as of December 31, 2019. The firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital's depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com
In the U.S., asset management services are provided by the Company's U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult this webpage.
Additional information about Fiera Capital Corporation, including the firm's annual information form, is available on SEDAR at www.sedar.com.
About Fiera Investments LP
Fiera Investments is an independent investment fund manager focused on delivering innovative investment solutions that provide capital growth and income to Canadian investors. Through strategic partnerships with globally recognized investment managers, mutual funds offered by Fiera Investments deploy proven, world-class investment strategies to help investors achieve their financial objectives. Fiera Investments is wholly owned by Fiera Capital Corporation.
Further Information
Investor Relations
1–877–434–2796
www.canoefinancial.com
info@canoefinancial.com
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products. Certain statements included in this news release constitute forward-looking statements, which reflect Canoe Financial’s current expectations regarding future results or events. Words such as “may,” “will,” “should,” “could,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “potential,” “continue” and similar expressions have been used to identify these forward-looking statements. In addition, any statement regarding future performance, strategies, prospects, action or plans is also a forward-looking statement. Market predictions and forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, performance, events, activity and achievements to differ materially from those expressed or implied by such statements. Forward looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward-looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances