Earnings
Fiera Capital Announces March 31, 2026 Preliminary Assets Under Management and Q1 2026 Financial Results Date
Fiera Capital AUM Contracts Amid Public Market Outflows; Earnings Awaited
Executive Summary
- Date: April 23, 2026 (Most Recent)
- Headline: Fiera Capital Announces March 31, 2026 Preliminary Assets Under Management and Q1 2026 Financial Results Date.
- AUM Status: Total AUM stands at approximately $160.2 billion as of March 31, 2026.
- Trend: Represents a 2.4% decline quarter-over-quarter (from $164.1 billion) and a 0.9% decline year-over-year (from $161.6 billion).
- Segment Performance:
- Public Markets (excluding sub-advised): $105.8B (-2.2% QoQ).
- Public Markets (sub-advised): $32.1B (-5.3% QoQ; -11.8% YoY).
- Private Markets: $22.2B (+0.9% QoQ; +5.2% YoY).
- Outflows: Net outflows of approximately $800 million in Public Markets and $650 million related to the wind-down of the Canadian Equity Small Cap Core strategy. Sub-advised AUM saw net outflows of ~$500 million due to client rebalancings.
- Upcoming Events: Q1 2026 Financial Results Release scheduled for May 8, 2026 (before market open).
Material Impact
- AUM Contraction: The decline in AUM is negative for an asset management firm as revenue is directly correlated with fee-generating assets. The acceleration of outflows from Q4 2025 (-1.7% QoQ) to Q1 2026 (-2.4% QoQ) suggests a deteriorating sentiment or strategic shift (wind-downs).
- Public vs. Private: While Private Markets continue to grow (+5.2% YoY), the core Public Markets business is shrinking, particularly in sub-advised strategies which are down 11.8% YoY. This indicates a loss of scale in fee-generating public mandates.
- Earnings Expectations: The news confirms the earnings date (May 8) but does not provide financial results yet. Given the AUM decline and outflows, revenue pressure is expected in Q1 2026 results compared to Q4 2025.
- Market Reaction: The stock has already declined from $7.11 to a low of $5.15 in March 2026, suggesting the market has partially priced in the AUM contraction and volatility. The current price ($5.80) reflects a recovery attempt but remains well below historical highs.
- Rating Justification: Classified as Routine - Negative because this is a standard quarterly disclosure confirming an existing trend established in Q4 2025 results, rather than introducing a new shock or surprise event. However, the content (AUM decline) reinforces negative fundamentals.
FSZ · Price
Company Overview
- Company: Fiera Capital Corporation (TSX: FSZ).
- Business Model: Asset management firm managing public markets, private markets, and infrastructure debt. Revenue derived from base management fees, performance fees, and commitment/transaction fees.
- Flagship Projects:
- Public Markets Platform: Includes Canadian Equity Small Cap Core (currently being wound down), US Large-Cap Equity.
- Private Markets: Growth driven by new mandates like the Canadian Built Opportunities Platform ($800M initial commitment).
- Infrastructure Debt: Fiera Infrastructure Private Debt division, recently providing follow-on financing to Starlight for Alberta solar portfolio.
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