Fiera Capital Corporation - Chairman and CEO Jean Guy Desjardins
Chairman and CEO Jean Guy Desjardins
Source: LinkedIn
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  • Asset management firm, Fiera Capital Corporation (TSX:FSZ), has reported net loss of C$13.4 million in 2019
  • This is almost three times previous year’s net loss of $5 million
  • However, revenue was up 30 per cent to $204.5 million, when compared to the previous year
  • Fiera Capital is currently enacting a strategic growth plan, which began in 2018 and extends to 2022
  • Fiera Capital Corporation (FSZ) is up 12.26 per cent, with shares trading for $5.77

Asset management firm, Fiera Capital Corporation (TSX:FSZ) has reported net loss of C$13.4 million, almost tripling the net loss reported in the previous year.

The company attributes the loss to increased operational expenses, depreciation of assets and greater income tax expenses.

However, in their full-year fiscal results, released today, the company was up in other financial indicators. Assets under management were up to $169.7 billion, a 24 per cent increase in the last two years.

Fiera Capital was quick to point out that its adjusted net earnings, which ignore these deductions, has improved by more than $100 million when compared to 2018.

Revenue was also up 30 per cent to $204.5 million. Fiera Capital attributes the rise in revenue to the performance of in its institutional, private wealth and alternative investment funds.

CEO of Fiera Capital, Jean Guy Desjardins, believes these results are in line with the company’s growth strategy.

“2019 results confirmed that Fiera Capital’s growth strategy is proving effective. Through acquisitions, we expanded our suite of investment strategies to better serve our clients,” he said

In 2018, the company outlined a four-year strategic plan, ending in 2022. It focuses on four aspects of growth, improving employee engagement, automisation and digitation, cost efficiency and sourcing new alternative investment partners.

At the time, Jean stated that the plan would transform the company into a top-tier global firm.

“The 2022 Plan will support the continued momentum of our global growth, specifically address and fill key gaps in our products and strategies, and better enable global distribution,” he said.

The company did not provide a 2020 forecast and has not stated if it expects to make a profit this year.

Fiera Capital Corporation (FSZ) is up 12.26 per cent, with shares trading for $5.77 at 12.06pm EST.

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