Fiera Capital Corporation (TSX: FSZ) has announced that on April 23, 2024, Fiera Holdings Inc., as general partner of Fiera Capital L.P., which holds approximately 20.7% of the outstanding shares of the company as of the date hereof, was notified by Desjardins Financial Holding Inc. (Desjardins FH), an indirect wholly-owned subsidiary of Fédération des caisses Desjardins du Québec, that Desjardins wishes to sell all of the units of Fiera LP and all of the shares of Fiera Holdings that it holds.
The offered securities represent 7,257,960 Class A Subordinate Voting Shares, or 6.8% of the total number of outstanding shares of the company.
As at April 8, 2024, Fiera Capital had 86,857,391 Class A Shares and 19,412,401 Class B Shares issued and outstanding.
In the aggregate, the voting rights associated with the Class A Shares represented, on April 8, 2024, approximately 81.73% of the voting rights attached to all of the issued and outstanding voting securities of Fiera Capital.
Fiera L.P., the only holder of Class B Shares, also holds 2,617,353 Class A Shares. Fiera LP’s limited partners include DJM Capital, a company indirectly controlled by Jean-Guy Desjardins, Desjardins FH, and Arvestia Inc.
Arvestia, which is controlled by DJM Capital, owns approximately 59% of the issued and outstanding shares of Fiera Holdings, and Desjardins FH owns approximately 41% of the issued and outstanding shares of Fiera Holdings.
In accordance with the terms of the limited partnership agreement governing Fiera LP, Jean-Guy Desjardins now has a right of first refusal to purchase the offered securities.
Fiera Capital said its senior management is currently considering making an offer, together with a financial partner, to acquire the offered securities from Desjardins. “There can be no assurance that such transaction will materialize.”
Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York, London, and Hong Kong.
photo credit: Fiera Capital
News Release
FIERA HOLDINGS RECEIVES SALE NOTICE FROM DESJARDINS
MONTREAL, April 24, 2024 – Fiera Capital (“Fiera Capital” or the “Company”) announces that on April 23, 2024, Fiera Holdings Inc. (“Fiera Holdings”), as general partner of Fiera Capital L.P. (“Fiera LP”), which holds approximately 20.7% of the outstanding shares of the Company as of the date hereof, was notified by Desjardins Financial Holding Inc., an indirect wholly-owned subsidiary of Fédération des caisses Desjardins du Québec (“Desjardins”), that Desjardins wishes to sell all of the units of Fiera LP and all of the shares of Fiera Holdings that it holds (the “Offered Securities”). The Offered Securities represent 7,257,960 Class A subordinate voting shares of the Company (the “Class A Shares”), or 6.8% of the total number of outstanding shares of the Company.
In accordance with the terms of the limited partnership agreement governing Fiera LP, unitholders of Fiera LP now have a right of first refusal allowing them to purchase the Offered Securities before the Class A Shares that the Offered Securities represent are sold.
Senior management of the Company is currently considering making an offer, together with a financial partner, to acquire the Offered Securities from Desjardins. There can be no assurance that such transaction will materialize.
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.
Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), and Hong Kong (SAR).
Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to an exemption from registration and/or the relevant product is registered.
Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. 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 https://www.fieracapital.com/en/registrations-and-exemptions.
Additional information about Fiera Capital, including the Company’s annual information form, is available on SEDAR+ at www.sedarplus.ca.
Forward-Looking Statements
This document contains forward-looking statements relating to future events or future performance and reflecting management’s expectations or beliefs regarding future events. Forward-looking statements include comments with respect to the exercise by unitholders of Fiera LP of their right to purchase the Offered Securities and the possibility that senior management make an offer to purchase the Offered Securities. Such statements reflect management’s current beliefs and are based on factors and assumptions it considers to be reasonable based on information currently available to management and may typically be identified by terminology such as “believe”, “expect”, “aim”, “goal”, “plan”, “anticipate”, “estimate”, “may increase”, “may fluctuate”, “predict”, “potential”, “foresee”, “forecast”, “project”, “continue”, “target”, “intend” or the negative of these terms or other comparable terminology and similar expressions of future or conditional verbs, such as “may”, “will”, “should”, “would” and “could.”
By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions, forecasts, projections, expectations or conclusions will not prove to be accurate. As a result, the Company does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors, many of which are beyond Fiera Capital’s control, could cause actual events or results to differ materially from the predictions, forecasts, projections, expectations, or conclusions expressed in such forward-looking statements which include, but are not limited to those factors described in the Company’s Annual Information Form for the year ended December 31, 2023 under the heading “Risk Factors and Uncertainties” or discussed in other materials filed by the Company with applicable securities regulatory authorities from time to time which are available on SEDAR+ at www.sedarplus.ca.
When relying on forward-looking statements in this document and any other disclosure made by Fiera Capital, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Fiera Capital does not undertake to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by it or on its behalf in order to reflect new information, future events or circumstances or otherwise, except as required by applicable laws.
SOURCE Fiera Capital Corporation
For further information: Media inquiries: communication@fieracapital.com