Fiera Sceptre Inc.’s shareholders have voted in favour of from National Bank of Canada.
Shareholders also agreed to rename the company Fiera Capital Corporation.
Fiera will hold approximately $54 billion in assets under management following the closing of this transaction, making it one of the largest independent asset managers in Canada.
The amount of the transaction totalled $309.5 million, subject to reduction. National Bank gets a 35% stake in Fiera, with an option to raise this to 40%
“It’s a great day for Fiera. The acquisition of the Natcan is an extraordinary springboard, giving us added depth of research and portfolio management and access to an outstanding distribution network,” said Jean-Guy Desjardins, chairman, CEO and chief investment officer of Fiera.
Desjardins will continue to serve in his current roles, and will remain the controlling shareholder of Fiera.