Fiera Capital Corporation announced March 23 that it will be acquiring CGOV Asset Management, an Ontario-based investment management firm. CGOV is focused on high-net-worth and institutional investors and had about C$5.3 billion in assets under management as of Dec. 31, 2017.
"We are excited to combine CGOV with Fiera Capital to enhance our leading Canadian high-net-worth platform and further strengthen our institutional investment management capabilities. CGOV has a rich history of success and growth and brings a proven management team," said Jean-Guy Desjardins, Chairman of the Board and Chief Executive Officer of Fiera Capital.
The purchase price totals $114.2 million, of which 42 per cent is payable in cash on closing and 58 per cent is payable in Class A Subordinate Voting Shares of Fiera Capital. The transaction is expected to close in Q2 2018.
When the transaction is closed, CGOV partners and key employees will be joining Fiera Capital, including Ted Ecclestone, who will lead Fiera Capital's Canadian Private Wealth team.
Stable, long-term platform
"The combination of the CGOV team with Fiera Capital is an exciting opportunity for CGOV and its clients. The transaction will provide a stable, long-term platform for our investment team to continue delivering value. It will also bring robust investment solutions to CGOV clients, including access to enhanced fixed income and private alternative strategies," said Don Cranston, Founding Partner and Chairman of CGOV Asset Management.