Fiera Capital sells retail mutual funds to Canoe Financial

Fiera Capital is selling nine retail mutual funds to Canoe Financial LP, the firm said Tuesday in a release.

The sale, expected to close in the first quarter of 2019, will make Canoe the trustee, manager and portfolio manager of the Fiera funds, the release said. The names of all the funds will change and certain funds will adopt a fixed administration fee.

The nine funds are:

• Fiera Capital Diversified Bond Fund
• Fiera Capital Income and Growth Fund
• Fiera Capital High Income Fund
• Fiera Capital Core Canadian Equity Fund
• Fiera Capital Equity Growth Fund
• Fiera Capital U.S. Equity Fund
• Fiera Capital Global Equity Fund
• Fiera Capital International Equity Fund
• Fiera Capital Defensive Global Equity Fund

Fiera Capital will continue to be the subadvisor for Fiera Capital Global Equity Fund, Fiera Capital Defensive Global Equity Fund, Fiera Capital International Equity Fund, and Fiera Capital Equity Growth Fund as part of its agreement with Canoe, the release said. The current portfolio management team for these four funds won’t change.

“This transaction will allow Fiera Capital to focus on its core strengths serving institutional markets and private wealth clients, as well as sub-advisory via strategic partnerships,” said Jean-Phillippe Lemay, president and COO of Fiera Capital’s Canadian division, in a statement.

Fiera will continue to manage its Canadian closed-end funds and alternative strategies, which include the following funds:

• Fiera Active Trading Fund
• Fiera Long/Short Equity Fund
• Fiera Market Neutral Equity Fund
• Fiera Capital Income Opportunities Fund

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