Fiera Capital on Thursday announced it agreed to acquire credit and special situations manager Clearwater Capital Partners for $21 million in a cash-and-stock deal.
Hong Kong-based Clearwater's $1.4 billion in assets under management will be added to Fiera's private alternatives division but will operate under the Clearwater brand for the next year, said Daniel Richard, Fiera spokesman.
Robert Petty and Amit Gupta, Clearwater co-founders, co-CEOs and co-chief investment officers, will remain with the firm.
In the deal, Fiera will pay $12 million in cash and will issue $9 million in stock. The overall payment on the deal could increase by $44 million if goals related to revenue and cross-selling of Fiera products are reached in the next five years, Mr. Richard said.
The deal is expected to close in the second quarter, Mr. Richard said.
Fiera's announced acquisition is the latest for the Montreal-based money management firm. In 2016, Fiera acquired private debt manager Centria Commerce, emerging markets equity manager Charlemagne Capital, growth equity firm Apex Capital Management, and the strategies and staff of hedge fund-of-funds and liquid alternatives manager Larch Lane Advisors.
The Clearwater acquisition will provide Fiera with a platform to grow the company's overall business in Asia, similar to the firm's expansion into Europe with the Charlemagne purchase, Mr. Richard said.
Fiera had C$128.9 billion ($102.7 billion) in total assets under management as of Dec. 31.