Fiera Capital Corp. has reached agreements to acquire a U.S. wealth management firm and, separately, a global asset manager as part of its strategy to expand south of the border.
The company has agreed to pay US$125 million to acquire Los Angeles-based Bel Air Investment Advisors, a private wealth management firm focused on the ultra-high net worth segment of the private wealth market.
The Bel Air brand will operate under Fiera Capital Private Wealth North American’s (FCPWNA) division. The business unit will be led by Todd Morgan, senior managing partner of Bel Air, who will become chairman of FCPWNA.
Fiera will also spend US$31.25 million to purchase New York-based investment manager Wilkinson O’Grady & Co., which manages money for individuals, families, trusts, endowments and foundations located around the world.
Wilkinson O’Grady’s CEO and chief investment officer, Donald M. Wilkinson, III, will join as chief investment officer for FCPWNA.
“Increasing our assets under management by C$8.5 billion to approximately C$74 billion, these acquisitions enhance our North American footprint and add depth to our investment and servicing teams,” said Jean-Guy Desjardins, chairman and CEO of Fiera.
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