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Canoe Financial acquires Fiera Capital Mutual Funds

CALGARY, Alberta,  -- Canoe Financial LP (“Canoe”) and Fiera Capital Corporation (“Fiera”) today announced that they have reached an agreement under which Canoe will acquire the investment fund management contracts for nine of Fiera Capital Mutual Funds with approximately $785 million in assets. The transaction is expected to close during the first quarter of 2019, subject to regulatory and unitholder approvals.

“As an independent investment management firm, we are always seeking opportunities to strategically grow our business and continue to offer a superior investment experience for our investors,” said Darcy Hulston, President and CEO of Canoe Financial.  “We are very pleased to have acquired Fiera’s high quality investment solutions and look forward to continuing to offer their investors industry-leading active investment management.”

Mr. Hulston said the acquisition is part of Canoe’s long-term strategy of building scale organically and through acquisitions.  The addition of the Fiera Capital Mutual Funds assets brings Canoe Financial’s total assets under management to $5.43 billion.

“Darcy and I are very confident this transaction represents a terrific opportunity for our investors as both Canoe and Fiera share the same commitment to providing quality asset management to Canadians,” said Jean-Phillippe Lemay, President and COO of Fiera’s Canadian Division. “We are confident that our clients will be in good hands as Canoe Financial has a proven track record of rewarding investors through a diverse line-up of award winning products.” 

As part of the transaction, there will be no change in the current portfolio management team for the Fiera Capital Global Equity Fund, the Fiera Capital Defensive Global Equity Fund, and the Fiera Capital International Equity Fund.   “Fiera Capital’s Foreign Equity team, led by Nadim Rizk, are excellent global managers with impressive long-term returns, so we are very pleased that they will continue to manage all three of these mandates as sub-advisors for Canoe,” says Hulston.  Additionally, there will be no change in portfolio management to the Fiera Capital Equity Growth Fund, which Fiera Capital will also continue to sub-advise.

The proposed transaction is subject to the receipt of all necessary regulatory approvals and approval by the unitholders of the Fiera Capital Mutual Funds. Upon completion of the Proposed Transaction and subject to receipt of all regulatory and unitholder approvals, Canoe will become the trustee, manager and portfolio manager of the Fiera Capital Mutual Funds and all funds will undergo a name change to continue under the Canoe banner.  In addition, certain of the Fiera Capital Mutual Funds will be merged into mutual funds managed by Canoe while other Fiera Capital Mutual Funds will be asked to approve certain other changes.

Fiera Capital Mutual Funds Proposed Material Changes

Fiera Capital Global Equity Fund
(to be renamed Canoe Global Equity Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Appointment of Fiera Capital as sub-adviser to Canoe
  • Amendment and restatement of the master declaration of trust
  • Adoption of a fixed administration fee

Fiera Capital Defensive Global Equity Fund
(to be renamed Canoe Defensive Global Equity Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Appointment of Fiera Capital as sub-adviser to Canoe
  • Amendment and restatement of the master declaration of trust
  • Adoption of a fixed administration fee

Fiera Capital International Equity Fund
(to be renamed Canoe International Equity Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Appointment of Fiera Capital as sub-adviser to Canoe
  • Amendment and restatement of the master declaration of trust
  • Adoption of a fixed administration fee

Fiera Capital Equity Growth Fund
(to be renamed Canoe Canadian Small Mid Cap Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Appointment of Fiera Capital as sub-adviser to Canoe
  • Amendment and restatement of the master declaration of trust
  • Adoption of a fixed administration fee

Fiera Capital Diversified Bond Fund
(to be renamed Canoe Diversified Bond Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Merger into Canoe Bond Advantage Fund

Fiera Capital High Income Fund
(to be renamed Canoe High Income Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Merger into Canoe Premium Income Fund

Fiera Capital Core Canadian Equity Fund
(to be renamed Canoe Core Canadian Equity Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Merger into Canoe Equity Portfolio Class

Fiera Capital U.S. Equity Fund
(to be renamed Canoe U.S. Equity Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Merger into Canoe U.S. Equity Income Portfolio Class

Fiera Capital Income and Growth Fund
(to be renamed Canoe Income and Growth Fund)

  • Change of trustee, investment fund manager and portfolio manager
  • Merger into Canoe Asset Allocation Portfolio Class

Details about the changes will be contained in meeting materials to be mailed to unitholders of the Fiera Capital Mutual Funds.More information on the proposed acquisition can be found in the Fiera news release issued today and posted on www.sedar.com and www.canoefinancial.com.

About Canoe Financial

Canoe is one of Canada’s fastest growing independent mutual fund companies managing $4.8 billion in assets across a diversified range of award-winning mutual funds and private energy equity products. Founded in 2008, Canoe Financial LP is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe has offices in Calgary, Toronto, Vancouver, Winnipeg, and Montreal.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with approximately C$143 billion in assets under management as of September 30, 2018. The Firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital's depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com

In the U.S., asset management services are provided by the Firm's U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. Additional information about Fiera Capital Corporation, including the Firm's annual information form, is available on SEDAR at www.sedar.com.

Further Information

For further information, please contact:
Investor Relations
Canoe Financial LP
1–877–434–2796
www.canoefinancial.com
info@canoefinancial.com

Disclaimer

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.