Integrated Asset Management Corp ITGQF

Fiera actionable on 1-2 transactions end of 2017

[blackgold909]

Fiera Capital Corp. 

(FSZ-T) C$14.43 

Q2/17 - Key Conference Call Takeaways 

Event 

Fiera held its Q2/17 conference call. 

Impact: NEUTRAL 

Fiera hopes to be actionable on 1-2 transactions by the end of 2017. Management continues to have an active M&A pipeline of opportunities, particularly in the U.S. institutional segment and private wealth. Fiera is in the final phases with three of its 16 targets. The focus remains on adding teams with complementary strategies and distribution. Management is particularly interested in adding to its Canadian HNW segment, and global fixed income and/or alternative strategies. We previously assumed that Fiera would pause on acquisitions for the remainder of 2017 given its elevated leverage ratio (3.4x); however, management was clear in suggesting that M&A is very much so still on its agenda. Our estimates do not contemplate the impacts of generic acquisitions.