Fiera Capital Corporation reported a $5-million profit in the third quarter as strong equity markets boosted assets under management and revenue from fees.
The Montreal-based asset manager’s Q3 profit compared to a net loss of $14.3 million in the previous quarter and a loss of $4.6 million in the same period last year.
Last quarter, Fiera incurred a $20.9-million restructuring charge when it reorganized its business into a global operating structure.
Buoyed by strong global markets, the firm’s assets under management reached $177.7 billion on Sept. 30, up 3.9% from $171.0 billion on June 30.
Third-quarter revenues totalled $170.7 million, a 6.7% increase from the same period last year. The firm attributed the increase primarily to higher year-over-year base management fees of $9.4 million owing to higher AUM.
The revenue growth came despite lost management fees from the sale of Fiera’s retail mutual funds to Canoe Financial LP.
Fiera’s board approved a dividend of $0.21 per share, payable on Dec. 21.