Bringing you live news and features since 2006 

Fiera Capital sells Bel Air Investment Advisors and Wilkinson Global Asset Management


Independent asset management firm Fiera Capital Corporation is to sell Bel Air Investment Advisors (Bel Air), its ultra high net worth private wealth platform, to Hightower Advisors (Hightower), one of the largest registered investment advisors in the United States.Concurrently, the Company has also announced the completion of the sale of Wilkinson Global Asset Management (WGAM), its New York-based private wealth investment manager, to Wilkinson Global Capital Partners LLC, pursuant to the call option entered into on 1 December, 2018.

“After thorough strategic review of our private wealth operations in the US and in light of the evolution of our private wealth business model, we elected to divest Bel Air and WGAM, two high quality businesses,” says Jean-Guy Desjardins, Chairman of the Board and Chief Executive Officer. “These transactions are also a testament to our commitment to create value for our shareholders through disciplined capital allocation, which remains a key strategic priority for us.”

“Our competitive advantage in the private wealth space is predicated on our fully discretionary model and on providing clients unique and differentiated investment offerings through tailored and holistic portfolio solutions,” says Jean–Philippe Lemay, Global President and Chief Operating Officer. “The transactions announced today allow us to better align our remaining regional platforms for private wealth management and transition them to a globally integrated model.”

The aggregate selling price for both transactions is approximately C$81 million, excluding transaction costs, and is subject to a final working capital adjustment. For the last twelve-month period ended September 30, 2020, Bel Air and WGAM generated combined revenues of CAD74.3 million and incurred total expenses, excluding depreciation and amortisation, restructuring, integration and other costs and share-based compensation, of CAD62.3 million.

As at September 30, 2020, Bel Air and WGAM assets under management were approximately C$14.4 billion, of which approximately CAD2.1 billion will remain sub-advised by Fiera Capital.

The Company will receive the proceeds related to the sale of Bel Air upon closing, which is expected to occur in the first quarter of 2021, subject to customary closing conditions.

With regards to WGAM, the Company has entered into a multi-year financing agreement and as such, proceeds from this sale will be received over time.

RBC Capital Markets and Stifel GMP served as financial advisors to Fiera Capital in the Bel Air transaction.

Latest News

ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..
Investors urgently need greater access to diversified investment strategies aligned with the Paris Agreement on climate change if the world..

Related Articles

Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Lorraine Sereyjol-Garros, BNP Paribas
Following changes to the French Monetary and Financial Code and of the French market authority AMF’s General Regulation, it is...
Ed Rosenberg, Texas Capital
Texas Capital Bank first opened its doors back in December 1998 and nowadays offers wealth-management services, as well as commercial,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by