Net earnings were down for Fiera Capital Corp. in the third quarter, the Montreal-based asset manager reported on Thursday.

For the quarter ended Sept. 30, net earnings were $3.2 million, compared to $13.8 million in the previous quarter and about $5 million in the same quarter last year.

The decrease was primarily attributable to an increase in selling, general and administrative expenses as well as higher restructuring, acquisition-related and other costs, the asset manager said.

Assets under management (AUM) were $180.8 billion at Sept. 30, up about 0.7% compared to the previous quarter and up 0.9% from Q3 2020.

Higher AUM year over year was primarily due to market appreciation; new mandates in institutional, financial intermediaries and private wealth distribution channels; and the acquisition of the Fiera Atlas team in the current fiscal year, the asset manager said.

These increases in AUM were partly offset by the sales of Bel Air Investment Advisors and Wilkinson Global Asset Management, and the termination of a revenue-sharing arrangement.

“AUM was also impacted by unfavourable foreign exchange movements of $3.3 billion from the weaker U.S. dollar relative to the Canadian dollar, lost mandates of $5.8 billion and withdrawals from existing clients of $2.4 billion,” the firm said in a release.

After holding the dividend constant through 2019 and 2020, the firm announced a dividend increase of 0.5 cents per share or 2.4%.