The following is a summary of the Fiera Capital Corporation (FRRPF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Fiera Capital reported Q1 growth of $3.5 billion, bringing assets under management to $165.2 billion.

• Total Q1 revenue was $168 million, a 7% increase from the previous year's equivalent quarter.

• Management fees resulted in a revenue of $152 million, a 3% increase primarily attributed to average AUM increases in Private Markets.

• Net earnings for Q1 2024 were $8 million, with adjusted net earnings of $26 million.

• Operating cash flow before changes in working capital increased by $4 million year-over-year.

• However, working capital decreased by $60 million for the quarter, with Q2 targets set between $105 million and $110 million.

Business Progress:

• Growth is expected to continue in the Private Markets division, which grew by $400 million to $18.9 billion in Q1.

• Maxime Menard's leadership of newly regionalized teams is key to the Private Wealth division strategy.

• Public Markets division also grew, by $3.1 billion in assets under management, though offset by negative organic growth of $3.3 billion.

• New offices in the Netherlands and Japan have been established to strengthen market presence and diversify asset allocation.

• Fiera Capital Corporation has an aggressive 10% growth target through its regional business plans, and is also on the lookout for potential acquisitions.

• The company anticipates joint venture earnings will increase over the year and expects future earnings to arise from specific development projects.

• Despite the decrease in assets under management from $50 billion to $47 billion, market returns of $8.3 billion helped offset losses of $7.2 billion.

More details: FIERA CAPITAL CORP IR

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