Canadian money manager Fiera Capital has agreed to hire StonePine Asset Management as subadviser of its global equity strategies, totaling about C$60 billion ($47.8 billion) in assets under management.
The strategies are currently overseen by Nadim Rizk, head of Fiera Capital's global equity team, who is launching StonePine as a new Canadian money manager, pending regulatory approval, Fiera Capital spokeswoman Alex-Anne Carrier confirmed.
Closing of the agreement is targeted for the end of the year, Ms. Carrier said.
Fiera Capital will continue to maintain client relationships as the investment manager/adviser, while StonePine will provide subadvisory services overseeing the company's global equity, international equity and U.S. equity strategies.
As of June 30, Fiera Capital had about C$179.5 billion in assets under management.
