Fiera Capital Reports Third Quarter 2024 Results
MONTREAL, Nov. 7, 2024 /CNW/ - Fiera Capital Corporation (TSX:FSZ) ("Fiera Capital" or the "Company"), a leading independent asset management firm, today announced its financial results for the third quarter ended September 30, 2024. Financial references are in Canadian dollars unless otherwise indicated.
(in $ thousands except where otherwise indicated)
Q3
Q2
Q3
YTD
YTD
2024
2024
2023
2024
2023
End of period AUM (in $ billions)
165.5
158.9
155.3
165.5
155.3
Average AUM (in $ billions)
163.8
159.1
160.7
162.6
163.0
IFRS Financial Measures
Total revenues
171,711
164,786
158,740
504,612
475,674
Base management fees
154,381
149,343
147,645
455,261
444,866
Net earnings 1
12,639
4,895
11,067
25,179
19,034
Non-IFRS Financial Measures
Adjusted EBITDA 2
51,685
45,284
43,942
142,364
128,233
Adjusted EBITDA margin 2
30.1 %
27.5 %
27.7 %
28.2 %
27.0 %
Adjusted net earnings 1,2
28,909
24,872
23,651
79,870
75,903
LTM Free Cash Flow 2
95,215
121,148
98,056
95,215
98,056
Note: Certain totals, subtotals and percentages may not reconcile due to rounding.
"Strength in financial markets in the third quarter drove our total AUM up by $6.6 billion, with good growth in both Public and Private Markets. We were pleased to record new mandates of approximately $900 million across both platforms, along with positive net organic growth in Private Markets, and Public Markets excluding PineStone, which we believe is a testament that our regional distribution structure is gathering steam," said Jean-Guy Desjardins, Chairman of the Board and Global Chief Executive Officer. "We have seen an increase in new mandate activity post-quarter end and believe we are well-placed to capture flows as investors look to reallocate away from cash in a falling interest rate environment."
"We are pleased with our financial results for the third quarter. Year-over-year, revenues were up 8%, with growth in both our Public Markets and Private Markets platforms. Adjusted EBITDA increased 18% year-over-year, and our margin was over 30% for the quarter, with last-twelve-months adjusted EBITDA at the highest level it has been in two years," said Lucas Pontillo, Executive Director and Global Chief Financial Officer. "We purchased and cancelled approximately 650 thousand Class A shares during the third quarter for total consideration of $5.2 million. We also reduced debt in the quarter, which along with higher adjusted EBITDA, brought our net debt ratio to below 3x. Lastly, I am pleased to announce that the Board of Directors has approved a dividend of 21.6 cents per share, payable on December 19, 2024."
Assets Under Management (in $ millions, unless otherwise indicated)
By Platform
June 30, 2024
New
Lost
Net
Contributions
Net Organic Growth3
Market and
Other4
September 30, 2024
Public Markets, excluding AUM sub-advised by PineStone
96,518
419
(332)
77
164
4,751
101,433
Public Markets AUM sub-advised by PineStone
43,198
45
(70)
(497)
(522)
1,906
44,582
Public Markets - Total
139,716
464
(402)
(420)
(358)
6,657
146,015
Private Markets
19,146
397
(81)
(265)
51
259
19,456
Total
158,862
861
(483)
(685)
(307)
6,916
165,471
By Distribution Channel
June 30, 2024
New
Lost
Net
Contributions
Net Organic Growth3
Market and
Other4
September 30, 2024
Institutional
87,543
530
(267)
(422)
(159)
3,684
91,068
Financial Intermediaries
57,245
245
(98)
(22)
125
2,730
60,100
Private Wealth
14,074
86
(118)
(241)
(273)
502
14,303
Total
158,862
861
(483)
(685)
(307)
6,916
165,471
By Platform
December 31, 2023
New
Lost
Net
Contributions
Net Organic Growth3
Market and
Other4
September 30, 2024
Public Markets, excluding AUM sub-advised by PineStone
97,984
2,063
(2,554)
(2,890)
(3,381)
6,830
101,433
Public Markets AUM sub-advised by PineStone
45,231
180
(7,324)
(1,202)
(8,346)
7,697
44,582
Public Markets - Total
143,215
2,243
(9,878)
(4,092)
(11,727)
14,527
146,015
Private Markets
18,478
1,369
(175)
(359)
835
143
19,456