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Fiera Capital more than doubles its presence on the US institutional market with the acquisition of Apex Capital Management

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Fiera Capital

On February 29, 2016, Fiera Capital, a leading independent asset management firm, announced that it had signed an agreement to acquire, via its wholly-owned subsidiary Fiera US Holding Inc., Apex Capital Management, a prominent US growth equity manager with approximately US$7.1 billion in assets under management (“AUM”) as at December 31, 2015. This transaction will more than double Fiera Capital’s presence in the U.S. institutional and sub-advisory retail markets and increase total AUM to over CAD$111 billion. Total consideration for the acquisition of Apex will be US$145 million (subject to post closing price adjustments usual for this type of transaction), of which US$88 million will be paid in cash financed through a new US$125 million term loan and the issuance of US$57 million in Class A subordinate voting shares. The acquisition, expected to close in April 2016, is subject to customary conditions, including applicable regulatory approvals and approval of the Toronto Stock Exchange.

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