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Assets under management (AUM) decreased for Fiera Capital Corporation in the first quarter, according to a preliminary estimate in a press release from the firm on Thursday.

The Montreal-based company reported AUM of approximately $158.1 billion as of Mar. 31, 2020, a decrease of $11.6 billion from the previous quarter, or nearly 7%.

“In the context of a first quarter characterized by extreme market volatility, our assets under management decreased by 6.8% — a testament to the diversity and resiliency of our investment platform and to the benefits of our active portfolio management approach,” said Jean-Philippe Lemay, Fiera’s global president and chief operating officer, in the release.

Fiera’s AUM saw a year-over-year increase of 9.1%, up from $144.9 billion in the first quarter of 2019.