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Fiera Capital Corporation saw its assets under management (AUM) and revenue surge in the third quarter thanks to a spate of recent acquisitions.

The firm released its Q3 earnings on Friday, reporting AUM of $164.7 billion as of Sept. 30 (a 15% increase year over year), and revenue of $160 million during the quarter (up 17% compared to last year).

Fiera attributed the growth in AUM and revenue to its recent acquisitions of Foresters Asset Management Inc., Integrated Asset Management Corp. and Natixis Investment Managers Canada Corp., all of which closed during the third quarter.

Fiera also acquired Clearwater Capital Partners in August 2018 and an 80% stake in Palmer Capital Partners Limited in April 2019, both of which contributed to revenue during the quarter.

EBITDA in Q3 was $46.6 million, up 27% year over year.

In spite of Fiera’s growth in revenue, the firm reported a net loss attributable to shareholders of $4.7 million — compared to net earnings of just under $1 million a year ago — due to an increase in operating expenses resulting from the acquisitions closed in the third quarter.

“Our focus during the third quarter was on integrating our recently closed acquisitions and building a strong global operations and IT platform,” Fiera CEO Jean-Guy Desjardins said in a statement.

Adjusted net earnings were $32.6 million in Q3, up from $27.5 million a year ago.