Fiera Capital Corp. has acquired Toronto-based investment firm Propel Capital Corp. for a total consideration of up to $12 million.
“Strategically, this acquisition, which will be accretive to earnings, directly contributes to Fiera Capital’s near-term growth and leadership objectives,” says Jean-Guy Desjardins, chairman and CEO of Fiera Capital. “With the Propel team on board, Fiera Capital is further enhancing its expertise, offering and distribution capabilities in the Canadian retail investor space.”
Propel develops, manages and distributes investment solutions to Canadians with a focus on closed-end funds.
As a result of the transaction, Propel’s operations will be fully integrated into Fiera Capital’s retail segment over the coming months, and Raj Lala, founder and current president and CEO of Propel, will assume the role of executive vice-president, retail markets, for Fiera Capital.
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