Fiera Capital Reports Fourth Quarter 2023 Results

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MONTREAL, Feb. 28, 2024 /CNW/ – Fiera Capital Corporation (TSX:FSZ) (“Fiera Capital” or the “Company”), a leading independent asset management firm, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2023. Financial references are in Canadian dollars unless otherwise indicated.

(in $ thousands except where
otherwise indicated)

    Q4

    Q3

   Q4

    FY

   FY

2023

2023

2022

2023

2022

End of period AUM (in $ billions)

161.7

155.3

158.5

161.7

158.5

Average AUM (in $ billions)

158.4

160.7

159.7

161.5

162.0

IFRS Financial Measures

Total revenues

210,972

158,740

184,697

686,646

681,439

Base management fees

147,371

147,645

147,390

592,237

602,801

Net earnings 1

39,418

11,067

2,509

58,452

25,353

Non-IFRS Financial Measures

Adjusted EBITDA 2

77,621

43,942

52,825

205,854

191,838

Adjusted EBITDA margin 2

36.8 %

27.7 %

28.6 %

30.0 %

28.2 %

Adjusted net earnings 1,2

50,163

23,651

33,083

126,066

121,765

LTM Free Cash Flow 2

89,212

98,056

58,944

89,212

58,944

Note: Certain totals, subtotals and percentages may not reconcile due to rounding.

“Although 2023 started with uncertain headwinds, we are very pleased with full year results and the improvement over the previous fiscal year with assets under management ending $6.4 billion higher than the previous quarter and $3.2 billion higher year-on-year. Impressively, 98% of our Public Market assets exceeded their 5-year performance benchmarks, and we wrapped up the year by being recognized as a Top Performer, at the 2023 Global Manager Research Awards.” said Jean-Guy Desjardins, Chairman of the Board and Global Chief Executive Officer. We have already started 2024 with a solid plan for growth and increased sales and distribution resources in each of our four key regions as we look to develop new business opportunities including opening additional offices as we enter new markets.” 

“The strength in financial markets in the fourth quarter combined with outperformance in several of our investment strategies resulted in a year-over-year increase in total revenues. Driven in part by strong performance fees during the quarter, we saw an improvement in our adjusted EBITDA margin to 30% for the year. The significant increase in our adjusted EBITDA and adjusted net earnings also enabled us to further reduce our net debt in the fourth quarter and to generate a last twelve-month free cash flow which covered our dividend payments for 2023.” said Lucas Pontillo, Executive Director and Global Chief Financial Officer. “With that, I am pleased to report that the Board of Directors has approved a dividend of 21.5 cents per share, payable on April 11, 2024.” 

Assets Under Management (in $ millions, unless otherwise indicated)

By Platform

September 30,
2023

New

Lost

Net

Contributions

Net Organic

 Growth3

Market and

Other4

December 31,
2023

Public Markets, excluding AUM
sub-advised by PineStone

91,684

1,271

(1,519)

(1,518)

(1,766)

8,066

97,984

Public Markets AUM sub-advised
by PineStone

44,870

30

(2,626)

(606)

(3,202)

3,563

45,231

Public Markets – Total

136,554

1,301

(4,145)

(2,124)

(4,968)

11,629

143,215

Private Markets

18,763

298

(182)

(174)

(58)

(227)

18,478

Total

155,317

1,599

(4,327)

(2,298)

(5,026)

11,402

161,693

 

By Distribution Channel

September 30,
2023

New

Lost

Net

Contributions

Net Organic
Growth3

Market and

Other4

December 31,
2023

Institutional

83,789

1,059

(1,230)

(1,369)

(1,540)

6,356

88,605

Financial Intermediaries

57,759

353

(2,971)

(534)

(3,152)

4,477

59,084

Private Wealth

13,769

187

(126)

(395)

(334)

569

14,004

Total

155,317

1,599

(4,327)

(2,298)

(5,026)

11,402

161,693

 

By Platform

December 31,
2022

New

Lost

Net

Contributions

Net Organic
Growth3

Market and

Other4

Strategic5

December 31,
2023

Public Markets, excluding AUM
sub-advised by PineStone

91,046

3,781

(4,093)

(2,549)

(2,861)

9,799

97,984

Public Markets AUM sub-advised

 by PineStone

49,219

153

(9,324)

(1,562)

(10,733)

7,265

(520)

45,231

Public Markets – Total

140,265

3,934

(13,417)

(4,111)

(13,594)

17,064

(520)

143,215

Private Markets

18,241

1,690

(727)

(649)

314

(77)

18,478

Total

158,506

5,624

(14,144)

(4,760)

(13,280)

16,987

(520)

161,693

 

By Distribution Channel

December 31,
2022

Full story available on Benzinga.com


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