Fiera Capital Awards Sub-Advisory for Global Equities to StonePine Asset Management
Posted on 08/12/2021
Fiera Capital Corporation signed a deal to hire StonePine Asset Management Inc. as subadviser of its global equity strategies. The strategies total around C$ 60 billion in assets under management. The global equity strategies are currently overseen by Nadim Rizk, head of Fiera Capital’s Montreal-based global equity team. Essentially, Nadim Rizk is forming StonePine Asset Management as a new money management firm. The deal is expected to close by the end of the year. The new firm will continue to provide investment management services to Fiera Capital for the benefit of Fiera Capital clients. Fiera Capital will continue to maintain direct relationships with clients as the Investment Manager/Advisor while StonePine will provide sub advisory services, overseeing investment decisions with respect to the Company’s Global, EAFE (Europe, Australasia and the Far East) and U.S. Equity strategies currently managed by Nadim Rizk and his team. Nadim Rizk, currently Senior Vice President and Lead Portfolio Manager, Global Equities of Fiera Capital, and the members of his team will remain employees of Fiera Capital until closing of the agreement.
“We are pleased to have been able to develop a structure that allows Nadim to continue creating value for Fiera Capital clients and shareholders under economic terms that are similar to the existing arrangement, while also giving him an opportunity to fulfill his ambition to manage an independent firm with its own identity,” said Jean-Guy Desjardins, Chairman of the Board and Chief Executive Officer of Fiera Capital in a press release. “This mutually beneficial structure enables our clients to continue to have access to Nadim’s successful strategies, as well as Fiera Capital’s global platform and suite of public and private markets investment management services.”
As of June 30, 2021 Fiera Capital had about C$ 179.5 billion in assets under management.