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Canoe Financial Completes Acquisition of Fiera Capital Mutual Funds

CALGARY, Alberta, Feb. 22, 2019 -- Canoe Financial LP (“Canoe” or “Canoe Financial”) announced today that it has completed its previously announced acquisition of the investment fund management contracts for nine Fiera Capital Mutual Funds from Fiera Capital Corporation (“Fiera Capital”).  The transaction has boosted Canoe’s assets under management to just over $5.5 billion.  

“We are very excited about the opportunities presented to us by this transaction, particularly because of the benefits it offers investors,” said Darcy Hulston, President and CEO of Canoe Financial.  “We intend to build on the relationships that Fiera Capital has established with advisors, and look forward to continuing to provide investors with industry leading active management.”

Mr. Hulston said that this transaction is part of Canoe’s long-term strategy to grow both organically and through acquisitions.  “Our goal is to provide our investors with a superior investment experience, and when we can enhance our offering through a strategic acquisition like this one, we will do it.”

As part of the transaction, Fiera Capital will continue to manage the investment portfolios of Fiera Capital Global Equity Fund, Fiera Capital Defensive Global Equity Fund, Fiera Capital International Equity Fund and Fiera Capital Equity Growth Fund as sub-advisor to Canoe, with such funds representing 86% of the acquired assets.

“My team and I are excited about the prospect of working with Canoe and bringing our investment capabilities to their investor and advisor base,” said Jean-Philippe Lemay, President and COO of Fiera Capital’s Canadian Division.

“Fiera Capital’s Global Equity team, led by Nadim Rizk, has rewarded investors with impressive long-term returns.  With the addition of these mandates, Canoe now has a very robust and diverse geographic line up, and offers investors compelling options for global and international equity management,” says Hulston. 

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 continuing Fiera Capital Mutual Funds will undergo certain material changes that have previously been approved by a majority of the unitholders at their respective unitholder meetings as summarized below:

Fiera Capital Mutual Funds Approved 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
Merger into Canoe Canadian Small Mid Cap Portfolio Class, effective May 2019 (and no later than December 31, 2019)

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 were contained in meeting materials that were mailed to unitholders of the Fiera Capital Mutual Funds in January 2019. 

About Canoe Financial

Canoe is one of Canada’s fastest growing independent mutual fund companies managing $5.5 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.

Further Information

Investor Relations
Canoe Financial LP
1–877–434–2796
www.canoefinancial.com
info@canoefinancial.com

Disclaimer

Forward Looking Statements

Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial’s current expectations regarding future results or events. Words such as “may,” “will,” “should,” “could,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “potential,” “continue” and similar expressions have been used to identify these forward-looking statements. In addition, any statement regarding future performance, strategies, prospects, action or plans is also a forward-looking statement. Market predictions and forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, performance, events, activity and achievements to differ materially from those expressed or implied by such statements. Forward looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward-looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances