Fiera Capital reaches deal with UBS

Fiera Capital Corporation has reached an agreement to purchase UBS Global Asset Management’s Canadian fixed income, Canadian equity and domestic balanced account business.

Read: UBS may reach a LIBOR settlement deal

This represents assets under management of approximately $8 billion for a cash consideration of $52 million, subject to certain adjustments.

Upon closing of the transaction, Fiera Capital becomes Canada’s third largest independent asset manager with $63 billion in assets under management. This deal will immediately be accretive to earnings.

Read: Fiera properties snaps up industry veteran The transaction, which is subject to conditions, including regulatory approval, is expected to close in the first quarter of 2013.

Financing was arranged through National Bank of Canada. National Bank Financial acted as sole lead arranger and book runner for this transaction.

“We have selected Fiera, one of Canada’s most respected asset managers, as they can provide our clients with the high quality and competitive domestic investment capabilities they need together with the personalized service that they are accustomed to,” says Marcel Larochelle, president and CEO for UBS Global Asset Management (Canada) Inc.

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