By Robb M. Stewart
Fiera Capital’s shares were lower on Tuesday as the asset management firm continues to line up regional heads to run its operations with the appointment of Eric Roberts as chief executive of Fiera USA.
In morning trading the shares were lower by 9.8% at C$4.95, widening their fall so far this year to 43%.
Fiera said Roberts will lead its marketing and distribution teams across the U.S. as it looks to expend and strengthen its presence in the country as part of a new regionalized distribution model.
Fiera, which in January said founder and executive chairman Jean-Guy Desjardins agreed to return as chief executive to lead a renewed leadership structure, in May appointed Klaus Schuster CEO of Europe, Middle East and Africa, and Rob Petty was named to the role of CEO for Fiera Asia. The company said a search for a CEO in Canada is well underway.
On Monday, Fiera estimated assets under management stood at about 155.3 billion Canadian dollars ($113.4 billion) as of the end of September, down from C$164.2 billion as of June 30.
Write to Robb M. Stewart at [email protected]
Read the full article here