Fiera Capital to buy Foresters Asset Management for undisclosed sum


Fiera Capital to buy Foresters Asset Management for undisclosed sum – Pensions & Investments

<br /> <!-- Swiftype Variables --> <br /> Fiera Capital agreed to acquire Foresters Asset Management to enhance its Canadian LDI strategy suite.Christine Williamson<br /> <br /> Fiera Capital Corp. agreed to acquire outstanding shares of Foresters Financial’s Canadian money management unit, Foresters Asset Management, a joint news release Wednesday said.</p> <p>Most of Foresters’ C$10.5 billion (U.S. $7.8 billion) of assets under management are managed in fixed-income and liability-driven investment strategies for institutional investors, Fiera Capital spokesman Daniel Richard said.</p> <p>Mr. Richard declined to provide the financial terms of the deal, which is expected to close in the third quarter this year.</p> <p>The entire portfolio management team from Foresters Asset Management will join Fiera Capital in the firm’s Toronto office, Mr. Richard said. </p> <p>Foresters Financial said in the release that it expects to have “a long-term relationship” with Fiera Capital, which will continue to manage a portion of the insurer’s assets. Foresters Financial said the sale of its Canadian asset management business is part of a five-year strategic plan to refocus on its core life insurance business.</p> <p>“The combination of Foresters Asset Management with Fiera Capital will enhance our leading Canadian institutional fixed-income capabilities and amplify our suite of liability-driven strategies focused on insurance client,” said Jean-Philippe Lemay, president and chief operating officer of the firm’s Canadian division, in the news release.</p> <p>Fiera Capital managed C$144.9 billion as of March 31. </p> <p>

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