Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper

Natixis sells Fiera Capital interest

Natixis Investment Managers is offloading its stake in Fiera Capital over the course of two transactions.

Natixis has flagged it will sell close to 11 million shares in Fiera Capital; 3.56 million will sell for an aggregate repurchase price of US$34.8 million while 7.12 million will be sold through a syndicate led by RBC Capital Markets by way of a prospectus-exempt bought deal block trade.

"Divesting our shares in Fiera Capital will provide us with additional flexibility to allocate capital in line with our long-term strategic priorities," Natixis chief executive Tim Ryan said.

Following the transactions, Natixis will no longer hold any shares in Fiera Capital but the distribution deal between the two that has been in place since 2018 will continue. Fiera Capital distributes Natixis products in Canada.

In Australia, Fiera Capital products are distributed by Ironbark Asset Management following an agreement in July 2021. Fiera Capital was also the buyer of AMP Capital's Global Companies business in March 2021.

"Value creation by way of strategic and efficient capital allocation decisions is a fundamental pillar of Fiera Capital's strategy. Accordingly, purchasing shares from Natixis Investment Managers represents a unique opportunity for us to buy back our shares at an attractive price, which is consistent with this vision while also supporting our objectives under our normal course issuer bid," Fiera Capital executive chair Jean-Guy Desjardins said.

Global president and chief executive Jean-Philippe Lemay added that the company is excited to build on its continued partnership with Natixis: "We are pleased to continue collaborating with Natixis Investment Managers through our distribution agreement, which resulted in Fiera Capital being able to offer an even broader selection of complementary investment strategies to our clients, therefore allowing for further portfolio customisation."

Read more: Fiera CapitalNatixis Investment ManagersNatixis Investment ManagementIronbark Asset ManagementJean-Guy DesjardinsJean-Philippe LemayTim Ryan