The deal is for the acquisition of the three businesses representing assets under management of approximately US$8 billion for a cash consideration of US$52 million, subject to certain adjustments.
On completion of the transaction, Fiera Capital will have US$63 billion in assets under management and the transaction will immediately be accretive to earnings.
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Commenting on the move, Jean-Guy Desjardins, chairman and chief executive officer of Fiera said: "In addition to further strengthening its superior client-driven service approach, this transaction will reinforce Fiera’s leading position in asset management in Canada. This acquisition will also further diversify Fiera’s Canadian client base and expand its global reach."
"We have selected Fiera, one of Canada’s most respected asset managers, as they can provide our clients with the high quality and competitive domestic investment capabilities they need together with the personalized service that they are accustomed to at UBS Global Asset Management. We are confident that this transaction will prove to be a success for our clients and both our firms," added Marcel Larochelle, president and chief executive officer for UBS Global Asset Management Inc.
The transaction is subject to customary conditions, including regulatory approval, and is expected to close in the first quarter of 2013.
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