Fiera Capital Corporation’s wholly-owned subsidiary, Fiera US Holding Inc, has completed its previously announced acquisition of Apex Capital Management, a US growth equity manager with approximately USD7 billion in assets under management.
Apex becomes part of Fiera Capital's US division.
This transaction more than doubles Fiera Capital's presence in the US institutional and sub-advisory retail markets and increases total AUM to over CAD107 billion. The transaction is expected to be immediately accretive, adding a 10-15 per cent accretion to adjusted earnings per share ("EPS") within the first full year post closing.
"We are pleased to have officially completed this acquisition, which will bolster our US growth strategy and enhance our global equity capabilities," says Jean-Guy Desjardins, Chairman and Chief Executive Officer of Fiera Capital. "This move provides us with a significant complementary presence in the institutional and sub-advisory retail markets and enables us to offer small/mid cap (SMID), small cap and other growth strategies with proven track records. We would like to officially welcome Nitin Kumbhani and the rest of Apex to the team."
Nitin Kumbhani, founder and CEO of Apex will assume the role of Vice Chairman and Chief of Growth Equity Strategies of the Firm's US division.
"We are confident that the expertise the Apex team brings will supplement our existing strengths and boost our ability to serve our US clients," says Benjamin Thompson, President and Chief Executive Officer of Fiera Capital's US division. "Their superior long-term performance speaks for itself, and we look forward to working with them as we continue to expand our presence in the US.”
