Revenue was up for Montreal-based Fiera Capital Corporation in the second quarter, according to the company’s latest financial results, which were outlined in a press release on Wednesday.
Revenue for Q2 was $149.9 million, up 19% from Q2 2018 and 5% compared to the previous quarter. The increase, Fiera said, was attributable in part to the acquisitions of CGOV Asset Management, Clearwater Capital Partners and an 80% interest in Palmer Capital Partners Limited, as well as higher revenues in institutional and alternative investments.
In spite of the increase in revenue, Fiera posted a Q2 net loss of $4.8 million, down from $6.6 million in Q1, and a $5.5 million net loss attributable to shareholders, down from $6.6 million in Q1. The firm said the loss was attributable in part to higher one-time acquisition-related costs and higher income tax expense, though it was offset by higher revenues from organic growth and acquisitions.
Assets under management (AUM) were $149.5 billion in Q2, up 3% compared to Q1 and 7% compared to Q2 2018. Fiera indicated that it expects AUM to continue to grow in Q3, following the July acquisitions of Integrated Asset Management Corp, which added more than $3 billion in AUM, and the acquisition of Natixis Investment Managers Canada Corp.’s operations and funds, which added roughly $1.8 billion in AUM.
Expenses increased from $149.3 million in Q1 to $154.7 million in Q2, which Fiera attributed to its “focus on growing the business, both organically and via acquisitions, while investing in efficiency and process improvements.”