Market gains offset net outflows, but sub-advised mandate withdrawals and client rebalancing weighed on the asset manager.
Fiera Capital’s assets under management climbed to C$163.5 billion in Q2 2026, a 2.1% increase from the prior quarter, driven by market appreciation. Public Markets AUM rose 2.4% to C$141.2 billion, though net outflows reached C$2.2 billion, excluding sub-advised mandates, due to client rebalancing.
The firm faced pressure from a C$5.3 billion transfer by a U.S. client to PineStone, a pre-announced move. Another C$1.5 billion transfer is expected in H2 2026, though total direct transfers are projected to remain below last year’s levels. Private Markets AUM grew 0.5% in the quarter, with net inflows of C$115 million offset by capital returns.
Management highlighted ongoing efforts to expand Private Markets, raising nearly C$100 million in new mandates, primarily in real estate and private credit.