MONTREAL — Fiera Capital Corp. says it swung to a loss in the third quarter, mainly because of higher expenses from recent acquisitions that closed in the quarter.
The Montreal-based asset management firm says it had a net loss of $4.6 million for the quarter ending Sept. 30, compared with net income of $1.1 million for the same quarter last year.
The company says adjusted earnings for the quarter worked out to $32.6 million, or 32 cents per share, up from $27.5 million or 29 cents per share last year.
Third quarter revenue was $160 million, up from $137.1 million last year after several acquisitions.
Analysts had expected earnings of $31.5 million or 29 cents per share according to financial markets data firm Refinitiv.
Fiera has recently closed its acquisitions of Foresters Asset Management Inc., Integrated Asset Management Corp., and Natixis Investment Managers Canada Corp., which together added $15 billion to its assets under management.
This report by The Canadian Press was first published Nov. 8, 2019.
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