Montreal-based Fiera Capital Corp. reported an increase in net earnings in the most recent quarter amid market turmoil related to the Covid-19 pandemic.
Fiera reported more than $12 million in net earnings for the quarter ended March 31, compared with a net loss of $6.6 million in the same period last year. Net earnings attributable to shareholders totalled $7.6 million.
Fiera’s revenue rose to $161.7 million compared with $142.8 million for the same period last year, the firm’s earnings release said.
The firm’s assets under management (AUM) dropped to $158.1 billion as of March 31, a 6.8% decrease from the previous quarter. Vincent Duhamel, vice chairman of Fiera’s board, said the drop compares favourably to peers in such a challenging market.
Preliminary results for last month show AUM was above $167 billion on April 30, not far off the year-end total of $169.7 billion, he said in the release.