Fiera Capital is buying New York-based Samson Capital Advisors for about US$33.5 million.
Samson is a U.S. fixed income investment management firm with US$7.6 billion in assets under management (AUM). This acquisition will bring Fiera Capital’s total AUM to more than C$96 billion and its American assets to US$17.2 billion.
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“With this acquisition, we are creating a full-fledged global asset manager in the U.S.,” said Jean-Guy Desjardins, Fiera’s chairman and CEO. Fiera expects the purchase will expand its U.S. high-net-worth clientele and proprietary investment strategies.
Benjamin Thompson, current Samson CEO, will be president and CEO of Fiera Capital’s U.S. asset management subsidiary.
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The companies expect to finalize the purchase in the first half of 2015. Fiera Capital plans to pay US$19.2 million in cash and US$14.3 million in Fiera Capital’s Class A subordinate voting shares. An additional consideration of up to US$15 million, including an earnout of US$5 million as well as incentives designed for key employee retention, will be paid over a period of five years on the achievement of agreed-upon financial targets.
This story originally appeared on our sister site, Advisor.ca.
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