Fiera Capital buys UBS Global's Canadian bond, stock and balanced account business
By Kevin Olsen | December 12, 2012 3:50 pm
Fiera Capital acquired UBS Global Asset Management's C$8 billion (US$8.1 billion) Canadian fixed-income, equity and balanced account business, for C$52 million in cash, confirmed Megan Stinson, UBS spokeswoman.
The transaction is expected to close in the first quarter of 2013. After the transaction closes, Fiera will become Canada's third-largest independent money manager with C$63 billion in AUM, according to a news release from Fiera.
UBS will continue to have a Canadian presence after the transaction is completed, said Shawn Lytle, head of Americas for global asset management, in an e-mail.
“Canada continues to be an important market for UBS Global Asset Management, and we have taken the strategic decision to focus our Canadian activities on our global traditional and alternative capabilities,” Mr. Lytle said, head of Americas for global asset management, in an e-mailed statement. “We believe this positions us best to provide the solutions that our clients need and are the areas where we continue to see strong demand. Our firm has a long history in both Toronto and Montreal, and we will maintain our presence to service our Canadian clients.”
Fiera spokesmen did not respond to a request for an interview by press time.