Independent investment firm Fiera Capital has entered into an agreement with UBS Global Asset Management (Canada), to acquire its Canadian fixed income as well as equity and domestic balanced account business for $52m in cash.
Acquisition of the businesses, which have nearly $8bn assets under management (AUM), will establish Fiera as one of Canada’s largest independent asset manager with $63bn in AUM, the acquirer said.
Fiera chairman and chief executive officer Jean-Guy Desjardins said, this acquisition will further diversify the company’s client base in the country and expand its global reach.
The transaction, which is subject to receipt of regulatory approval and certain customary conditions, is likely to complete during the first quarter of 2013.
National Bank of Canada acted as the financier for the deal, while National Bank Financial served as sole lead arranger and book runner for this transaction.
Fiera Capital, a full service, multi-product investment firm, provides Canadian and foreign equity and fixed income management as well as asset allocation and non-traditional investments services.
UBS Global Asset Management caters investment capabilities and investment styles across all major traditional and alternative asset classes, including fixed income, currency, hedge fund, real estate, infrastructure and private equity investment.