Fiera Capital Reports Second Quarter 2025 Results

Fiera Capital Reports Second Quarter 2025 Results Canada NewsWire MONTREAL, Aug. 8, 2025 MONTREAL, Aug. 8, 2025 /CNW/ - Fiera Capital Corporation (TSX: FSZ) ("Fiera Capital" or the "Company"), a leading independent asset management firm, today announced its financial results for the second quarter ended June 30, 2025. Financial references are in Canadian dollars unless otherwise indicated. (in $ thousands except where otherwise indicated)       Q2      Q1      Q2    YTD    YTD 2025 2025 2024 2025 2024 End of period AUM(in $ billions) 160.5 161.6 158.9 160.5 158.9 Average AUM(in $ billions) 159.0 164.4 159.1 161.7 162.0 IFRS Financial Measures Total revenues 162,974 162,871 164,786 325,845 332,901 Base management fees 147,867 154,542 149,343 302,409 300,880 Performance fees 2,491 183 2,544 2,674 5,329 Commitment and transaction fees 5,246 2,440 4,287 7,686 5,602 Share of earnings in joint ventures and associates 2,035 2,595 2,689 4,630 8,976 Other revenues 5,335 3,111 5,923 8,446 12,114 Net earnings (loss) 1 3,757 21,789 4,895 25,546 12,540 Non-IFRS Financial Measures Adjusted EBITDA 2 45,692 43,403 45,284 89,095 90,679 Adjusted EBITDA margin 2 28.0 % 26.6 % 27.5 % 27.3 % 27.2 % Adjusted net earnings 1,2 27,198 25,426 24,872 52,624 50,961 LTM Free Cash Flow 2 75,336 86,674 121,148 75,336 121,148 Note: Certain totals, subtotals and percentages may not reconcile due to rounding 1 Attributable to the Company's shareholders 2 Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Free Cash Flow are non-IFRS measures.  Refer to the "Non-IFRS Measures" section of this press release "We are pleased with the momentum in our business during the second quarter. Our Public Markets platform secured $1.4 billion of new mandates, marking our strongest gross flows in nine quarters. Assets under management in our Private Markets platform grew year-over-year to reach nearly $21 billion" said Maxime Ménard, Global President and Chief Executive Officer. "These results underscore the trust our clients continue to place in us, the depth of our investment capabilities and the momentum that has been built through our regionalized distribution model. We remain focused on executing on our strategic priorities, including delivering consistent investment performance and providing a connected client experience, to drive sustained, long-term organic growth." "Year-to-date base management fees increased from the same period last year, reflecting stable average AUM and a resilient fee rate which was driven by growing contribution from our Private Markets platform. SG&A expenses were down 3% year-over-year as we delivered on our commitment to streamline the organization and improve operating efficiency" said Lucas Pontillo, Executive Director, Global Chief Financial Officer and Head of Corporate Strategy. "During the quarter, we repurchased 1.1 million shares, reinforcing our commitment to return capital to shareholders. The Board of Directors has approved a dividend of 10.8 cents per share, payable on September 18, 2025." Assets Under Management (in $ millions, unless otherwise indicated) By Platform March 31, 2025 New Lost Net Contributions Net Organic Growth1 Market and Other2 Strategic3 June 30, 2025 Public Markets, excluding sub-advised AUM 104,057 1,441 (140) (1,757) (456) 1,306 (1,110) 103,797 Public Markets         sub-advised AUM 36,388 7 (406) (658) (1,057) 493 — 35,824 Public Markets - Total 140,445 1,448 (546) (2,415) (1,513) 1,799 (1,110) 139,621 Private Markets 21,149 209 (46) (349) (186) (110) — 20,853 Total 161,594 1,657 (592) (2,764) (1,699) 1,689 (1,110) 160,474   By Distribution Channel March 31, 2025 New Lost Net Contributions Net Organic Growth1 Market and Other2 Strategic3 June 30, 2025 Institutional 91,843 1,149 (78) (1,229) (158) 732 (309) 92,108 Financial Intermediaries 55,544 431 (391) (890) (850) 739 (801) 54,632 Private Wealth 14,207 77 (123) (645) (691) 218 — 13,734 Total 161,594 1,657 (592) (2,764) (1,699) 1,689 (1,110) 160,474   By Platform December 31, 2024 New Lost Net Contributions Net Organic Growth1 Market and Other2 Strategic3 June 30, 2025 Public Markets, excluding sub-advised AUM 103,350 2,202 (398) (2,060) (256) 1,813 (1,110) 103,797 Public Markets         sub-advised AUM 44,045 7 (6,156) (1,877) (8,026) (195) — 35,824 Public Markets - Total 147,395 2,209 (6,554) (3,937) (8,282) 1,618 (1,110) 139,621 Private Markets 19,716 687 (92) (655) (60) 250 947 20,853 Total 167,111 2,896 (6,646) (4,592) (8,342) 1,868 (163) 160,474   By Distribution Channel December 31, 2024 New Lost Net Contributions Net Organic Growth1 Market and Other2 Strategic3 June 30, 2025 Institutional 90,085 2,192 (246) (1,996) (50) 1,435 638 92,108 Financial Intermediaries 62,418 451 (6,135) (1,486) (7,170) 185 (801) 54,632 Private Wealth 14,608 253 (265) (1,110) (1,122) 248 — 13,734 Total 167,111 2,896 (6,646) (4,592) (8,342) 1,868 (163) 160,474 1 Net Organic Growth represents the sum of new mandates, lost mandates and net contributions 2 Market and Other includes the impact of market changes, income distributions and foreign exchange  3 Relates to the wind down of the Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies in the current quarter, as previously announced, and the acquisition of a controlling interest in a real estate investment platform in the first quarter of 2025   AUM decreased by $1.1 billion or 0.7% compared to March 31, 2025 reflecting negative net organic growth of $1.7 billion and the previously announced wind down of the Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies in the current quarter, which reduced AUM by $1.1 billion. This was partly offset by a positive market impact of $1.8 billion. The increase in the market value of AUM, specifically equity mandates, was partly offset by a negative foreign exchange impact during the quarter. Excluding sub-advised AUM, Public Markets net organic growth was a net outflow of $0.5 billion. Negative net contributions of $1.8 billion, due to rebalancing mainly from fixed income strategies, were largely offset by new mandates of $1.4 billion, primarily from equity strategies. Negative net organic growth included $1.1 billion of outflows connected to sub-advised AUM, including lost mandates of $0.4 billion and negative net contributions of $0.7 billion, related primarily to ongoing client relationships where clients simply rebalanced their overall investments. AUM decreased by $6.6 billion or 3.9% compared to December 31, 2024 reflecting negative net organic growth of $8.3 billion, primarily from sub-advised AUM, partly offset by a favourable market impact of $2.0 billion. Negative net organic growth connected to sub-advised AUM decreased $8.0 billion, largely from approximately $5.7 billion of lost mandates from Canoe Financial LP in January 2025. Excluding sub-advised AUM, there was negative net organic growth of $0.3 billion, as negative net contributions were largely offset by new mandates. Second Quarter Financial Highlights Revenue was relatively flat compared to Q1 2025, reflecting an increase in commitment and transaction fees, performance fees, and other revenues, offset by lower base management fees in Public Markets. Revenue decreased by $1.8 million or 1.1% compared to Q2 2024, primarily due to lower base management fees in Public Markets, partly offset by higher base management fees in Private Markets. Adjusted EBITDA increased by $2.3 million or 5.3% compared to Q1 2025, primarily due to lower-sub-advisory fees. Adjusted EBITDA increased by $0.4 million or 0.9% compared to Q2 2024, primarily due to lower selling, general and administrative ("SG&A") expenses, excluding share-based compensation. Adjusted net earnings increased by $1.8 million or 7.1% compared to Q1 2025, primarily due to lower SG&A expenses and balance sheet foreign exchange revaluation gains from the weaker US dollar, partly offset by higher interest on debentures. Adjusted net earnings increased by $2.3 million or 9.2% compared to Q2 2024, primarily due to balance sheet foreign exchange revaluation gains and lower SG&A expenses. Net earnings attributable to the Company's shareholders decreased by $18.0 million or 82.6% compared to Q1 2025. The decrease was primarily due to a $12.7 million gain on revaluation of an investment in the prior quarter related to the acquisition of a controlling interest in a real estate investment platform, and higher restructuring costs related to severance in the current quarter, as a result of management and organizational changes. Net earnings attributable to the Company's shareholders decreased by $1.1 million compared to Q2 2024, primarily due to higher restructuring costs partly offset by balance sheet foreign exchange revaluation gains in the current quarter. LTM free cash flow decreased by $11.4 million or 13.1% compared to Q1 2025, primarily due to higher severance costs paid in the current quarter and the timing of accounts receivable collections. LTM free cash flow decreased by $45.8 million or 37.8% compared to Q2 2024, primarily due to higher performance fees and distributions from joint ventures and associates in the prior period. Year-to-Date Financial Highlights Revenue decreased by $7.1 million or 2.1% compared to the corresponding period of 2024, primarily due to lower base management fees in Public Markets, share of earnings in joint ventures and associates, and other revenues, partly offset by higher base management fees in Private Markets. Adjusted EBITDA decreased by $1.6 million or 1.8% compared to the corresponding period of 2024, primarily due to lower share of earnings in joint ventures and associates, lower other revenues, and higher technical services costs, partly offset by lower sub-advisory fees. Adjusted net earnings increased by $1.6 million or 3.1% compared to the corresponding period of 2024, primarily due to lower SG&A and balance sheet foreign exchange revaluation gains from the weaker US dollar in the current year, partly offset by lower revenues. Net earnings attributable to the Company's shareholders increased by $13.0 million compared to the corresponding period of 2024, primarily due to a $12.7 million gain on revaluation of an investment related to the acquisition of a controlling interest in a real estate investment platform. Subsequent Events Dividend Declared On August 7, 2025, the Board declared a quarterly dividend of $0.108 per Class A subordinate voting share ("Class A Share") and Class B special voting share ("Class B Share"), payable on September 18, 2025 to shareholders of record at the close of business on August 20, 2025. The dividend is an eligible dividend for income tax purposes. Normal Course Issuer Bid ("NCIB") The Company announces that the Toronto Stock Exchange (the "TSX") approved the renewal of the Company's NCIB to purchase for cancellation up to a maximum of 4,000,000 Class A Shares over the twelve-month period commencing on August 16, 2025 and ending no later than August 15, 2026, and representing approximately 4.6% of its 87,210,436 issued and outstanding Class A Shares as at August 4, 2025 (the "Renewed NCIB"). Under the NCIB that will expire August 15, 2025, and pursuant to which the Company was authorized to purchase up to 4,000,000 Class A Shares, Fiera Capital purchased and cancelled 1,862,016 shares at a weighted average purchase price per security of $6.38 for total consideration of $11.9 million. This included 536,048 Class A Shares purchased and cancelled subsequent to quarter end, at a weighted average purchase price per security of $6.66 for total consideration of $3.6 million. Purchases were effected through the facilities of the TSX and through Canadian alternative trading systems. Purchases under the Renewed NCIB will be made on the open market through the facilities of the TSX and through Canadian alternative trading systems, as well as outside the facilities of the TSX pursuant to exemptions available under applicable securities legislation or exemption orders issued by securities regulatory authorities. The price that the Company will pay for the Class A Shares purchased under the Renewed NCIB will be the market price of such shares at the time of the acquisition as per the requirements of the market where the trade is made and applicable securities laws, except for purchases effected outside the facilities of the TSX pursuant to exemptions available under applicable securities legislation or exemption orders issued by securities regulatory authorities, which will be at a discount to the prevailing market price. The board of directors of the Company believes that the repurchase of Class A Shares, which the Company may carry out from time to time during the Renewed NCIB, represents a responsible investment and that the Renewed NCIB provides the Company with the flexibility to purchase Class A Shares as it considers advisable. Security holders may obtain a copy of the "Notice of Intention to Make a Normal Course Issuer Bid" filed with the TSX, without charge, by written request addressed to: Corporate Secretary, Fiera Capital Corporation, 1981 McGill College Avenue, Suite 1500, Montréal, Québec, H3A 0H5. The average daily trading volume (the "ADTV") of the Class A Shares over the last six complete calendar months was 372,087 Class A Shares. Accordingly, under TSX rules and policies, Fiera Capital is entitled on any trading day to purchase on the TSX up to 93,021 Class A Shares. Fiera Capital may also purchase, once a week and in excess of the foregoing daily repurchase limit of 25% of the ADTV, blocks of Class A Shares that are not owned by any insiders, in accordance with the TSX rules and policies. Additional details relating to the Company's operating results can be found in the Company's Management's Discussion and Analysis for the three and six-month periods ended June 30, 2025 available on our Investor Relations web page under Financial Documents- Quarterly Results - Management's Discussion and Analysis. Conference Call Live Fiera Capital will hold a conference call at 10:00 a.m. (ET) on Friday, August 8, 2025, to discuss its financial results. The dial-in number to access the conference call from Canada and the United States is 1-800-990-4777 (toll-free) and 1-289-819-1299 from outside North America. The conference call will also be accessible via webcast on the Investor Relations section of Fiera Capital's website under Events and Presentations. Replay An audio replay of the call will be available until August 15, 2025 by dialing 1-888-660-6345 (North American toll free), access code 49008 followed by the number sign (#). The webcast will remain available for three months following the call and can be accessed on the Investor Relations section of Fiera Capital's website under Events and Presentations. Non-IFRS Measures Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA per share, Adjusted net earnings and Adjusted net earnings per share (basic and diluted), and Last Twelve Months ("LTM") Free Cash Flow are not standardized measures prescribed by International Financial Reporting Standards ("IFRS"), and are therefore unlikely to be comparable to similar measures presented by other companies. We have included non-IFRS measures to provide investors with supplemental measures of our operating and financial performance. We believe non-IFRS measures are important supplemental metrics of operating and financial performance because they highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers, many of which present non-IFRS measures when reporting their results. Management also uses non-IFRS measures in order to facilitate operating and financial performance comparisons from period to period, to prepare annual budgets and to assess its ability to meet future debt service, capital expenditure and working capital requirements. For a description of the Company's non-IFRS Measures, please refer to page 51 of the Company's Management's Discussion and Analysis for the three months ended June 30, 2025 which is available on SEDAR+ at www.sedarplus.ca. For a reconciliation of the Company's non-IFRS Measures, refer to the below tables: Reconciliation to EBITDA and Adjusted EBITDA (in $ thousands except per share data) FOR THE THREE MONTHS ENDED FOR THE SIX-MONTH PERIODS ENDED June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net earnings 5,960 23,902 6,578 29,862 16,344 Income tax expense 1,799 3,679 2,531 5,478 3,531 Amortization and depreciation 12,215 12,270 12,603 24,485 25,445 Interest on long-term debt and debentures 12,057 11,389 12,431 23,446 24,134 Interest on lease liabilities, foreign currency revaluation and other financial charges (740) 433 2,087 (307) 5,009 EBITDA 31,291 51,673 36,230 82,964 74,463 Restructuring, acquisition related and other costs 10,112 2,818 5,140 12,930 9,633 Accretion and change in fair value of purchase price obligations and other (7) (932) (680) (939) (1,799) Share-based compensation 5,022 2,599 4,813 7,621 8,586 Gain on investments, net (190) (542) (222) (732) (209) Revaluation of assets held for sale — (12,730) — (12,730) — Other expenses (income) (536) 517 3 (19) 5 Adjusted EBITDA 45,692 43,403 45,284 89,095 90,679 Adjusted EBITDA Margin 28.0 % 26.6 % 27.5 % 27.3 % 27.2 % Per share basic 0.42 0.40 0.42 0.82 0.85 Per share diluted 0.41 0.31 0.42 0.68 0.83 Weighted average shares outstanding - basic (thousands) 108,068 108,003 106,584 108,032 106,515 Weighted average shares outstanding - diluted (thousands) 111,709 140,459 109,023 130,091 108,957 Reconciliation to Adjusted Net Earnings (in $ thousands except per share data) FOR THE THREE MONTHS ENDED FOR THE SIX-MONTH PERIODS ENDED June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net earnings attributable to the Company's shareholders 3,757 21,789 4,895 25,546 12,540 Amortization and depreciation 12,215 12,270 12,603 24,485 25,445 Restructuring, acquisition related and other costs 10,112 2,818 5,140 12,930 9,633 Accretion and change in fair value of purchase price obligations and other, and effective interest on debentures 320 (703) (412) (383) (1,325) Share-based compensation 5,022 2,599 4,813 7,621 8,586 Revaluation of an investment related to an acquisition — (12,730) — (12,730) — Other expenses (income) (536) 517 3 (19) 5 Tax effect of above-mentioned items (3,692) (1,134) (2,170) (4,826) (3,923) Adjusted net earnings 27,198 25,426 24,872 52,624 50,961 Per share – basic Net earnings (loss) 1 0.03 0.20 0.05 0.24 0.12 Adjusted net earnings 1 0.25 0.24 0.23 0.49 0.48 Per share – diluted Net earnings (loss) 1 0.03 0.17 0.04 0.22 0.12 Adjusted net earnings 1 0.24 0.20 0.23 0.42 0.47 Weighted average shares outstanding - basic (thousands) 108,068 108,003 106,584 108,032 106,515 Weighted average shares outstanding - diluted (thousands) 111,709 140,459 109,023 130,091 108,957 1 Attributable to the Company's shareholders Free Cash Flow Reconciliation (in $ thousands) FOR THE THREE MONTHS ENDED       Q2       Q1       Q4       Q3        Q2       Q1      Q4       Q3 2025 2025 2024 2024 2024 2024 2023 2023 Cash flow from operations before the impact of working capital 33,647 37,658 47,487 48,589 37,218 34,641 70,265 46,180 Changes in non-cash operating working capital items 8,287 (55,639) 4,464 6,187 15,807 (60,389) (12,666) 33,528 Net cash generated by (used in) operating activities 41,934 (17,981) 51,951 54,776 53,025 (25,748) 57,599 79,708 Settlement of purchase price obligations — — (937) — (1,500) — — — Proceeds on promissory note 1,406 1,509 1,538 1,502 1,521 1,501 1,500 1,510 Distributions received from joint ventures and associates, net of investments 4,061 531 (321) 925 8,137 3,326 1,723 1,617 Dividends and other distributions to Non-Controlling Interest (1,191) (9,110) — — (6,215) — (3,167) — Lease payments (3,851) (3,913) (3,862) (4,727) (3,038) (4,718) (4,690) (3,837) Interest paid on long-term debt and debentures (14,213) (11,814) (10,519) (11,244) (12,775) (13,995) (6,299) (12,174) Other restructuring costs 2,329 1,873 3,333 1,015 2,685 1,569 2,075 1,226 Acquisition related and other costs 27 129 180 — — 32 420 130 Free Cash Flow 30,502 (38,776) 41,363 42,247 41,840 (38,033) 49,161 68,180 LTM Free Cash Flow 75,336 86,674 87,417 95,215 121,148 71,847 89,212 98,056 Forward-Looking Statements This document contains forward-looking statements relating to future events or, future performance reflecting management's expectations or beliefs regarding future events, including, without limitation,  business and economic conditions, outlook and trends, Fiera Capital's growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. Forward-looking statements may include comments on Fiera Capital's objectives, strategies to achieve these objectives, expected financial results or dividends, and the outlook for the Company's businesses, as well as for the Canadian, American, European, Asian and other global economies. Such forward-looking statements reflect management's current beliefs and are based on factors and assumptions it considers to be reasonable based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as "assumption, "continue", "estimate", "forecast", "goal", "guidance", "likely", "plan", "objective", "outlook", "potential", "foresee", , "project", "strategy", "target", and other similar words or expressions or future or conditional verbs (including in their negative form), such as "aim", "anticipate", "believe", "could", "expect", "foresee", "intend", "may", "plan", "predict", "seek", "should", "strive" and "would". Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management's expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, the Company does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's objectives, strategies, expectations, plans and business outlook as well as the anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes. A number of important risk factors and uncertainties, many of which are beyond Fiera Capital's control, could cause actual events, performance or results to differ materially from the predictions, forecasts, projections, expectations, conclusions or statements expressed in such forward-looking statements which include, without limitation: risks related to investment performance, investment of the assets under management ("AUM"), including, without limitation, risks related to external market and economic conditions and other events beyond Fiera Capital's control such as the imposition of economic measures such as tariffs and other trade restrictions, AUM concentration related to strategies sub-advised by PineStone, key employees, asset management industry and competitive pressure, reputational risk, regulatory compliance, information security policies, procedures and capabilities, litigation risk, employee misconduct or error, insurance coverage, third-party relationships, client commitment, indebtedness, market risk, credit risk, inflation, interest rates and recession risks, ownership structure and potential dilution and other risks and uncertainties described in the Company's Annual Information Form for the year ended December 31, 2024 under the heading "Risk Factors and Uncertainties" or discussed in other materials filed by the Company with applicable securities regulatory authorities from time to time which are available on SEDAR+ at www.sedarplus.ca Readers are cautioned that the preceding list of risk factors and uncertainties is not exhaustive and that other risks and uncertainties could affect the Company. Additional risks and uncertainties, including those not currently known to Fiera Capital or currently deemed immaterial, could also have a material adverse effect on the Company's business, financial condition, liquidity, operations or financial results. When relying on forward-looking statements in this document or in any other disclosure made by Fiera Capital, investors and others should carefully consider the risks and uncertainties listed above, along with other potential events that could affect the Company's financial condition, operations, performance or results. Unless otherwise indicated, forward-looking statements in this press release describe management's expectations as at the date hereof and, accordingly, are subject to change after that date. Fiera Capital does not undertake to update or revise any forward-looking statement, whether written or oral, that may be made from time to time by it or on its behalf in order to reflect new information, future events or circumstances or otherwise, except as required by applicable law. About Fiera Capital Corporation Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM). Each affiliated entity (each an "Affiliate") of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration. Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital's Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions Additional information about Fiera Capital, including the Company's Annual Information Form, is available on SEDAR+ at www.sedarplus.ca SOURCE Fiera Capital Corporation View original content: http://www.newswire.ca/en/releases/archive/August2025/08/c8674.html Contact: For more information: Analysts and investors, Natalie Medak, Director, Investor Relations, Fiera Capital Corporation, 416 884-4236, [email protected]