Montreal-based asset manager Fiera Capital Corp. (TSX:FSZ) is on track to meet its $150 billion goal for assets under management (AUM) by 2018, says Jean-Guy Desjardins, chairman and CEO in his firm’s announcement of its financial results for the first quarter ended Mar. 31.
AUM increased by $10.5 billion, or 13%, from $80.4 billion in the first quarter of 2014 to $90.9 billion.
“2015 is off to a strong start with year-over-year growth across all our key financial metrics,” says Desjardins.
The firm recorded net earnings attributable to shareholders of $3.7 million, or $0.05 per share for the first quarter, compared to $2.7 million, or $0.04 per share, for the year earlier period.
Revenue for the quarter rose to $58.1 million, up from $50.0 million a year ago. Fiera attributed the jump to market appreciation, favourable U.S. exchange rate variation and organic growth.
Base management fees and other revenues increased by $4.3 million, or 8%, to $58.0 million for the first quarter, versus $53.7 million for the previous quarter ended Dec. 31, 2014.
Performance fees, which are generally recognized in December of each year, were $0.1 million for the first quarter, compared to $10.6 million for the previous quarter ended Dec. 31, 2014, and to $0.5 million for the same period last year.