Q3 2024 Fiera Capital Corp Earnings Call Transcript
Key Points
- Fiera Capital Corp (FRRPF) reported a 4% increase in assets under management, reaching $165.5 billion, driven by rising equity and fixed income markets.
- The company achieved positive net organic growth in both public and private markets, with private markets seeing new subscriptions of $400 million.
- Public markets assets under management increased by 6.3 billion or 4.5%, with a significant moderation in outflows.
- Private markets delivered positive net organic growth of approximately $200 million, driven by new mandates in private credit and real estate.
- The company reported strong financial performance with total revenues of $172 million in the third quarter, an 8% increase year over year.
- Despite positive market impacts, public markets experienced net outflows of approximately $400 million, excluding Pine Stone.
- Emerging markets strategies faced challenges due to significant upswings in Chinese markets, impacting performance.
- SG&A expenses increased by 4.4% year over year, driven by higher travel, marketing, and compensation costs.
- Net debt increased by $31 million year over year, although the net debt ratio decreased.
- The company faces uncertainty in predicting performance fees due to market volatility and recent geopolitical events.
Good morning. My name is Joelle and I will be your conference operator today. At this time. I would like to welcome everyone to Sierra Capital's earnings call to discuss financial results for the third quarter of all2,024 (Operator Instructions) Thank you. And I'll turn the conference over to Miss MCPA, Senior Vice President Treasury and Investor Relations, Miss Gay. You may begin your conference.
Thank you. Good morning everyone, Bonjo Gtu.
We have the, the Sierra.
Welcome to the CR Capital conference call to discuss our financial results for the third quarter of 2024.
No, that today's call will be held in English before we begin. I invite you to download a copy of today's presentation which can be found in the investor relations section of our website at Ir dot S capital dotcom.
Also note that comments made on today's call including replies to certain questions may deal with forward-looking statements which are
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