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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