Net earnings were down for Montreal-based asset manager Fiera Capital Corp. in the fourth quarter.
Fiera reported a net loss attributable to shareholders of $1 million for the quarter ended Dec. 31, 2020, down from net earnings of $3.4 million in Q4 2019.
The loss was partly attributable to a $66.9-million impairment charge related to the Fiera Capital Emerging Markets Fund. During the quarter, City National Rochdale informed Fiera of its decision to no longer offer the fund to its clients, thereby discontinuing its revenue-sharing arrangement with Fiera.
Earlier this month, Fiera announced it had reached a deal to sell the emerging markets fund to Sunbridge Capital Partners.
Fiera had $180.2 billion in assets under management at the end of Q4, up from $169.7 billion a year earlier thanks to market appreciation and new mandates.
For 2020 as a whole, Fiera reported a net loss attributable to shareholders of $3.4 million, an improvement over the $13.4-million net loss in 2019.
“Notwithstanding the unprecedented market volatility experienced in 2020, our teams remained purposefully committed to delivering value added returns for our clients,” Jean-Philippe Lemay, Fiera’s global president and chief operating officer, said in a statement.