Fiera Capital agreed to acquire Foresters Asset Management to enhance its Canadian LDI strategy suite.Christine Williamson
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.
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.
Mr. Richard declined to provide the financial terms of the deal, which is expected to close in the third quarter this year.
The entire portfolio management team from Foresters Asset Management will join Fiera Capital in the firm’s Toronto office, Mr. Richard said.
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.
“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.
Fiera Capital managed C$144.9 billion as of March 31.