Fiera Capital Net Earnings Rise as AUM Falls
The Montreal asset manager reported third-quarter results while suing former Canadian large-cap equities team members.
Updated on Nov. 12, 2026 in Corporate Finance
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Fiera Capital Corp. reported third-quarter net earnings of $6.7 million, up 15.5% from $5.8 million a year earlier, while assets under management fell 9.3% year over year to $151.4 billion at the end of September. Revenues were $150.4 million, down 10% from $167.1 million in the same quarter of 2025.
Why it matters
Fiera attributed about $1.5 billion in lost AUM in the third quarter and $4.2 billion year to date to clients that transferred their assets directly to PineStone Asset Management. The company also said it will suspend its dividend to offset softer year-to-date revenues and create greater balance sheet capacity.
Fiera reported net earnings of $6.7 million for the third quarter, up 15.5% from $5.8 million a year earlier, and directly managed AUM declined 3.2% year to date to $104.7 billion. The filing does not address whether the decline in sub-advised assets will continue into the fourth quarter.
The players
Fiera Capital Corp.
A Montreal-headquartered Canadian asset manager that provides investment management services to institutional and individual clients.
PineStone Asset Management
An asset management firm that received Fiera clients who transferred their assets directly to it, according to Fiera.
The details
Fiera fired several members of its Canadian large-cap equities team for cause in August after discovering they were planning to start their own firm, and the company is suing them. A $2.5-billion decline in directly managed assets during the third quarter was concentrated in Canadian large-cap equity mandates, and Fiera reduced net debt by $34 million to $689.4 million.
Timeline
August: Fiera fired the former Canadian large-cap equities team members for cause.
End of September: Fiera's AUM stood at $151.4 billion.
Third quarter: Fiera reported net earnings of $6.7 million and revenues of $150.4 million.
Market Dynamics
Fiera's sub-advised exposure has fallen to 16% of total AUM from 27% two years ago, reflecting a deliberate move away from externally sub-advised mandates. The current quarter's $12.7 billion AUM decline continues that pattern while the company's directly managed assets remained comparatively stable.
Investors holding Fiera shares should note that the dividend is being suspended, which removes a source of income from the stock. Fund holders in Canadian large-cap mandates may see changes as the company installs a new team to manage those assets.
The takeaway
Asset management earnings can rise even as assets fall, so investors should look closely at the trend in AUM and revenue rather than net earnings alone. Watching whether client transfers continue will show whether Fiera's assets stabilize.
Further reading
For more on how asset managers handle client departures and fee pressure, see Corporate Finance.
Source note: This article includes information reported by Advisor.
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