Bloomberg News

Fiera Agrees to Buy National Bank of Canada Fund Unit for C$309.5 Million

February 27, 2012

Fiera Sceptre Inc. (FSZ), a Montreal-based money manager, agreed to buy Natcan Investment Management from National Bank of Canada for C$309.5 million ($308.4 million) in cash and stock to increase assets under management.

Fiera will pay C$235 million when the deal is completed and another C$74.5 million “over time,” the company said today in a statement. National Bank will hold a 35 percent stake in the unit.

Fiera said the purchase from Canada’s sixth-largest bank will bring its assets to about C$54 billion and make it one of the five largest independent asset managers in Canada. National Bank said the transaction will be “neutral” to its earnings.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus