Montreal-based portfolio manager Fiera Capital reported lower net income for the first quarter of 2022, although its assets under management held up well for the same period.
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The company’s net income thus decreased by $18.8 million for the period ended March 31, 2022 compared to the previous year, going from $22.2 million to $3.4 million.
However, assets under management reached $174.5 billion, an increase of 0.9% compared to the same period last year. However, this figure is down 7.3% compared to December 31, 2021 due to unfavorable market pressure.
“The first quarter of 2022 was marked by numerous geopolitical and economic events, which had a significant impact on global financial markets and which led to a level of inflation that had not been recorded for several decades,” he said. explained Wednesday Jean-Philippe Lemay, Global President and CEO of Fiera Capital.
Revenue increased by $6.7 million, or 4%, with a total of $1.7 billion in the first quarter of 2022.
“Despite the unfavorable equity market and fixed income conditions that resulted in portfolio rebalancing by our clients during the quarter, we are pleased with the overall activity generated by our Company-wide strategies” , added Mr. Lemay.