Financings
Fiera Capital Announces the Completion of a $100 Million Debenture Refinancing with Fonds de solidarite FTQ
Fiera Capital Secures Long-Term Liquidity at Higher Cost Amidst AUM Contraction
Executive Summary
- Fiera Capital Corporation completed a $100 million private placement of senior subordinated unsecured debentures with Fonds de solidarite FTQ on May 4, 2026.
- The new financing carries an interest rate of 7.40% per annum, payable semi-annually in arrears.
- Maturity date for the new debenture is April 30, 2031.
- Proceeds were used concurrently to redeem an existing 6.00% senior subordinated unsecured debenture due June 30, 2027 (principal amount $67.25 million).
- The company retains the option to satisfy redemption or maturity payments by issuing freely tradeable Class A subordinate voting shares.
- Maxime Ménard returned as Global President and CEO on April 29, 2026, following a medical leave of absence.
- Gabriel Castiglio resumed his role as Executive Director, Global Chief Operating Officer after serving as Interim CEO.
- Preliminary Q1 2026 Assets Under Management (AUM) reported $160.2 billion on April 23, 2026, representing a 2.4% decline from the previous quarter.
Material Impact
- The refinancing extends debt maturity by approximately four years compared to the redeemed instrument, improving long-term liquidity runway but increasing near-term interest expense due to the higher coupon (7.40% vs 6.00%).
- Net debt position is expected to increase slightly ($100M new issuance minus $67.25M redemption), though the company maintains a prudent capital structure as stated by management.
- The return of CEO Maxime Ménard removes uncertainty regarding leadership stability following his medical leave, which was previously flagged as a potential operational risk.
- Q1 AUM decline of 2.4% indicates continued pressure on fee-generating assets, particularly in Public Markets and Private Wealth segments, which may dampen revenue growth expectations for the upcoming May 8 earnings release.
- The financing is not a strategic equity investment or M&A event; it is standard capital structure management typical for an asset manager with existing debt facilities.
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Company Overview
- Fiera Capital Corporation is an asset management firm managing approximately $160 billion in assets across Public Markets, Private Markets, and Wealth Management segments.
- Flagship initiatives include the Canadian Built Opportunities Platform launched in Q3 2025 with a commitment from the United Brotherhood of Carpenters & Joiners of America ($800 million).
- The company operates through three distribution channels: Institutional, Financial Intermediaries, and Private Wealth.
- Public Markets (excluding sub-advised) remains the largest segment at $105.8 billion as of March 2026.
- Private Markets AUM grew +5.2% year-over-year in Q1 2026, driven by positive market/FX impact and nominal net inflows.
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May 08, 2026 · 07:30