Fiera Capital acquires UBS Global AM's Canadian fixed income, equity and domestic balanced account business
Fiera Capital is to purchase UBS Global AM's Canadian fixed income, Canadian equity and domestic balanced account business representing assets under management of approximately CAD8bn for a cash consideration of CAD52m, subject to certain adjustments.
"In addition to further strengthening its superior client-driven service approach, this transaction will reinforce Fiera's leading position in asset management in Canada," says Jean-Guy Desjardins, chairman and chief executive officer of Fiera. "This acquisition will also further diversify Fiera's Canadian client base and expand its global reach."
Upon closing of the transaction, Fiera Capital becomes Canada's third largest independent asset manager with CAD63bn in assets under management. This transaction will immediately be accretive to earnings.
"We have selected Fiera, one of Canada's most respected asset managers, as they can provide our clients with the high quality and competitive domestic investment capabilities they need together with the personalised service that they are accustomed to at UBS Global Asset Management. We are confident that this transaction will prove to be a success for our clients and both our firms," says Marcel Larochelle, president and chief executive officer for UBS Global Asset Management (Canada) Inc.
The transaction, which is subject to customary conditions, including regulatory approval, is expected to close in the first quarter of 2013.
Financing for the transaction was arranged through National Bank of Canada. National Bank Financial acted as sole lead arranger and book runner for this transaction.
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