Canadian asset manger Fiera Capital Corporation has signed an agreement to buy Samson Capital Advisors, a US-based wealth manager, for about $33.5m.
The acquisition will boost Fiera Capital’s total assets under management to over C$96bn in addition to bolstering its asset management presence in the US.
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As part of the deal, Benjamin Thompson, CEO of Samson, will become president and CEO of Fiera Capital’s US asset management subsidiary.
The transaction, which is subject to customary conditions and regulatory approvals, is scheduled to complete in the first half of 2015.
The deal will comprise an initial consideration of $19.2m payable in cash as well as an additional consideration of up to $15m that will be paid over a period of 5 years based on the accomplishment of financial targets.
The deal will bring Fiera Capital’s US affiliates assets under management to $17.2bn.
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By GlobalDataFiera Capital chairman and CEO Jean-Guy Desjardins said: "This transaction will add significant bench strength to our high-net-worth segment as well as establish a strong foundation for our proprietary investment strategies."
Samson CEO Benjamin Thompson said: "Our team is excited to join Fiera Capital and to help continue to build a global investment management firm that provides the highest quality in customized service and performance."
