Montreal-based Fiera Capital Corp. announced on Thursday that it has completed the previously announced acquisition of Toronto-based investment-management firm CGOV Asset Management (CGOV).
CGOV focuses on high net-worth (HNW) and institutional investors. It had approximately $5 billion in assets under management (AUM) as of March 31.
This transaction brings Fiera Capital’s total AUM to more than $136 billion. It significantly increases the firm’s presence in the Canadian HNW market and adds critical mass with the addition of CGOV’s institutional clientele.
The transaction is expected to be modestly accretive (low- to mid-single digit) to adjusted EPS within the first full year post closing, Fiera says in a news release.
“It is our pleasure to officially welcome the CGOV team to Fiera Capital, including Founding Partner Don Cranston and President Ted Ecclestone,” says Jean-Philippe Lemay, president and COO of Fiera Capital’s Canadian division, in a statement. “The significant footprint and seasoned investment expertise gained as a result of the transaction enables Fiera Capital to be a competitive force in the high net-worth segment in Canada.”
The purchase price Fiera paid at closing, which remains subject to customary post-closing adjustments, totalled $114.2 million.