Source: The Canadian Press

Fiera Sceptre Inc. (TSX:FSZ) is boosting its quarterly dividend by 33% as the money management firm’s net earnings jumped to $2.9 million in the first quarter due to its recent merger.

The Montreal-based company will pay eight cents per share March 21 to shareholders of record on Feb. 21.

It earned eight cents per share for the period ended Dec. 31. That compares to six cents a year earlier when net earnings were $853,000 and exclusively reflected the results of Fiera Capital.

Adjusting for $1.39 million of restructuring and one-time costs, net income was $3.8 million or 10 cents per share.

Revenues more than doubled to $18.8 million as a result of the contribution of $7.56 million from Sceptre. It also earned higher fees from an increase in assets under management resulting from improved market conditions.

Fiera Capital Inc. and Sceptre Investment Counsel Ltd. completed their merger Sept. 1.

Shares of Fiera Sceptre were ahead 17 cents to $8.17 on the Toronto Stock Exchange.