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