Montreal-based Fiera Capital Corp. Thursday reported “stellar” fourth quarter earnings and announced two key appointments within its management team.
Earnings rose to $8.4 million, or 13 cents per share, during the quarter, compared with $3.1 million, or five cents per share, for the year earlier period.
Total revenues for the independent investment firm during the quarter were $55.2 million, up from $31 million a year ago.
“2013 was a stellar year for Fiera Capital,” says Jean-Guy Desjardins, chairman and CEO of Fiera Capital, with “growth in all of our market segments. This included major inroads in the U.S. through strategic acquisitions, big wins in the institutional sector and new partnerships.
For the year, net earnings soared to $14.6 milion, or 26 cents per share, compared with $3.0 million, or 6 cents per share, a year ago.
Assets under management grew by 15 per cent to $77.5 billion, up from $58.1 billion a year earlier.
Marcel Larochelle will be joining Fiera Capital (TSX:FSZ) as executive vice president and chief financial officer, effective April 7. He will be responsible for a number of key strategic support functions of the firm.
Larochelle is an investment management industry veteran. Up until recently and since 2008, he was president and CEO of UBS Global Asset Management Canada’s institutional division. Previously, he held various senior investment management and consulting positions in Canada, the U.S., Latin America, and Europe. He is Fellow of the Canadian Institute of Actuaries and holds the CFA designation.
Sylvain Roy has been appointed chief investment officer (CIO). Most recently assistant CIO, Roy has 16 years of industry experience and has been with Fiera Capital since its creation.