Investment manager Fiera Capital Corp. says it is selling a pair of operations in the United States in two separate deals.
The Montreal-based company says it has agreed to sell Bel Air Investment Advisors, its ultra high net worth private wealth platform, to Hightower Advisors.
In the second deal, Fiera says it has completed the sale of Wilkinson Global Asset Management, its New York-based private wealth investment manager, to Wilkinson Global Capital Partners.
Fiera chairman and chief executive Jean-Guy Desjardins says the moves follow a strategic review of the company’s private wealth operations in the U.S.
The combined selling price for both transactions is about $81 million, excluding transaction costs, and is subject to a final working capital adjustment.
Fiera Capital is an independent global asset management firm with $177.7 billion in assets under management as of Sept. 30, 2020.