Montreal-based Fiera Capital Corp. (TSX:FSZ) Thursday reported that profits tripled in the third quarter ended Sept. 30.
The investment firm said quarterly net income rose to $4.5 million, or seven cents per share. That compares with net income of $1.5 million, or three cents per share, in the year earlier period.
Total revenue for the quarter was $52.4 million, up sharply from $35.1 million a year ago.
“We are very pleased with the record $1.7 billion in organic growth achieved in the third quarter as we continue to invest in our platform and in our team to enhance our business model on a North American scale,” said Jean-Guy Desjardins, chairman and CEO.
Assets under management (AUM) increased by 3% from $82.1 billion in June to $84.9 billion as at Sept. 30.
On Sept. 2, Fiera acquired Propel Capital Corp. for a total consideration of up to $12 million. Propel is a prominent Toronto-based investment firm which develops, manages and distributes investment solutions to Canadians with a focus on closed-end funds.
During the quarter, Fiera added two new funds to its existing product offering, Fiera Capital Defensive U.S. Equity Fund and Fiera Capital Defensive Global Equity Fund, designed to protect clients against market risk.