Profits surged for Fiera Capital Corporation in the fourth quarter of 2019, the Montreal-based asset manager reported on Thursday.
Net earnings reached $5.3 million, rebounding from a net loss of $4.6 million the previous quarter and a net loss of $1.6 million in the fourth quarter of 2018.
Total revenues reached $204.5 million in Q4, up 30% from a year ago. Revenues in 2019 were $657.2 million, up from $540.3 million in 2018.
Fiera’s four acquisitions over the course of the year — including the acquisition of Foresters Asset Management Inc., Integrated Asset Management Corp. and Natixis’ Canadian operations, as well as an 80% stake in Palmer Capital Partners Limited — helped bolster revenues, the firm said.
Assets under management (AUM) were $169.7 billion in the fourth quarter, up 24% year over year. Fiera attributed the increase to favourable market conditions and new institutional global equity mandates won in Europe and the U.S., which added $2.8 billion to AUM.
Fiera also announced on Thursday that Jean-Philippe Lemay has been appointed global president and chief operating officer, replacing Vincent Duhamel, who will serve as vice chairman of Fiera’s board of directors.