Sunday, 1 February 2015
Last updated 1 day ago
Sep 4 2013 | 8:36am ET
Canada's Fiera Capital Corporation is poised to acquire Los Angeles-based Bel Air Investments (and its affiliate Bel Air Securities) and New York-based Wilkinson O'Grady & Co for about $156.3 million as it expands its North American presence.
The acquisition will add over $8.1 billion to Fiera's assets under management bringing them to over $70 billion and $1.3 billion in consulting assets.
Bel Air, which specializes in ultra-high-net-worth clients, will be acquired for $125 million, including a maximum of $115 million in cash. The firm will operate under the Fiera Capital Private Wealth North American division, which will be led by Todd Morgan, Bel Air senior managing partner. Other members of Bel Air's management team and key personnel will also join Fiera.
Wilkinson O’Grady will be acquired for $31.25 million and key employees will join the Fiera team, inlcuding Donald M. Wilkinson III, CEO and CIO, who becomes CIO for FCPWNA.
“We are very proud to join forces with these two experienced and highly credible teams,” said Jean-Guy Desjardins, chairman and chief executive officer of Fiera, in a statement. “We see tremendous growth potential in the U.S. private wealth and investment management market and these transactions fit perfectly with our plan to create value by becoming a leading North American investment management firm within the next five years....these acquisitions enhance our North American footprint and add depth to our investment and servicing teams.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…