Fiera Capital Corporation (TSX: FSZ) and National Bank of Canada (TSX: NA) announced Monday the closing of the transaction under which Fiera will acquire substantially all of the assets of Natcan Investment Management Inc.

Fiera will pay $309.5 million for Natcan, and in return, the bank will receive 19,732,299 Class A subordinate voting shares of the share capital of Fiera as well as a cash payment of $85,553,219.

The Natcan operations will immediately be fully integrated into Fiera’s existing business, the companies said. The number of directors on the board of Fiera will increase from nine to 12.

Louis Vachon, president and CEO of National Bank, and Luc Paiement, executive vice president of wealth management at National Bank, will fill two of the board positions as of Monday.

The transaction has been approved by regulatory authorities and has satisfied other customary conditions.

Fiera Capital Corporation is the new name of Fiera Sceptre, as approved by the shareholders at Fiera’s annual and special meeting held on March 29, 2012.