Fiera Capital used the 27th annual Scotiabank financials summit to unveil a growth strategy centered on doubling its private-markets AUM and overhauling its investment platform from top to bottom.
🔑 Key takeaways
- Fiera Capital manages roughly C$160B in total assets, including C$22B in private markets.
- Private markets account for ~10% of AUM but generate ~33% of revenues.
- Target: surpass C$40B in private-markets AUM within 3 to 5 years, via 5% to 10% organic growth per year.
- Creation of a Global Investment Office to break down silos between public and private markets.
- InvestingPro financial-health score: « Good » (2.83), profitability expected this fiscal year.
A strategic pitch at the Scotiabank summit
On September 10, 2026, Fiera Capital (FSZ) participated in the 27th annual financials summit hosted by Scotiabank in Toronto. From 1:55 p.m. to 2:20 p.m. ET, global CEO Maxime Ménard hosted an informal discussion with investors, detailing the Canadian asset manager’s strategic priorities, recent financial results, and growth outlook.
Appointed to lead the firm at the start of 2024, Ménard brings 22 years of experience at Jarislowsky Fraser prior to joining Fiera Capital. His appearance comes amid a deep organizational transformation, as the firm looks to reinforce its positioning as an independent investment manager free of conflicts tied to other business lines.
Private markets: the growth engine
Fiera Capital manages roughly C$160 billion in total assets. Private markets represent approximately C$22 billion of that base — about 10% of AUM — but generate roughly one-third of the firm’s revenues. Public markets and other segments contribute the remaining two-thirds.
| Segment | AUM (C$B) | Share of AUM | Share of revenues |
|---|---|---|---|
| Private markets | ~22 | ~10% | ~33% |
| Public markets & other | ~138 | ~90% | ~67% |
| Total | ~160 | 100% | 100% |
The firm aims to more than double its private-markets AUM over the next three to five years, growing from C$22 billion to over C$40 billion. To hit that target, management is targeting an annual growth rate of 5% to 10%. According to company estimates, a 5% growth pace would require adding roughly C$8 billion in absolute terms per year. Fiera Capital already bills itself as one of the largest private-asset managers in Canada.
« I like to keep the firm pretty simple. »
Maxime Ménard, Global CEO of Fiera Capital
Ménard framed management’s approach around three pillars: investment performance, client service, and operating efficiencies. The firm wants to become a destination for top investment professionals, offering an entrepreneurial environment without requiring them to build a business from scratch. Compensation, technology investments, and operational efficiency were identified as the primary levers to get there.
A overhauled investment platform
The most significant organizational change is the creation of a Global Investment Office, which consolidates the chief investment officer functions that were previously split between private and public markets. The goal is to eliminate internal silos and improve coordination across the firm. Management wants to move from a product-led model to one centered on integrated multi-asset solutions.
Distribution teams are now segmented by sector expertise, covering both private and public markets. The firm has also hired actuarial professionals to support custom institutional solutions. Among the new offerings highlighted:
- Solutions for union-sponsored pension plans combining employment-linked components with real-asset returns.
- Fixed-income solutions for insurers managing capital-ratio requirements.
- Consolidation of global real-estate debt capabilities (Asia, Europe, Canada, U.S.) under a single platform.
- Private credit as a major priority, including sponsor-backed credit and direct lending.
- Development of infrastructure debt, alongside existing infrastructure-equity capabilities.
- The firm’s agricultural fund, described as the world’s largest open-ended agriculture fund, gaining momentum after years of market education.
Uneven performance and near-term priorities
Fiera Capital’s performance remains uneven across segments. Quality-growth strategies have underperformed their benchmarks and created redemption pressure. By contrast, fixed-income strategies delivered solid performance with positive net flows. Private markets posted positive flows in most product categories. Redemptions tied to PineStone remain a near-term headwind, including direct asset transfers and proprietary multi-asset redemptions.
| Segment | Performance | Net flows |
|---|---|---|
| Quality growth | Underperforming | Redemptions |
| Fixed income | Solid | Positive |
| Private markets (most) | Positive | Positive |
| PineStone | Under pressure | Redemptions ongoing |
« Positive net flows. That will be really important. »
Maxime Ménard, on 12-18 month priorities
For the next 12 to 18 months, Ménard identified the top priorities: debt reduction, success in the U.S., European, Asian and Middle Eastern markets, and maintaining competitive investment performance across the platform. The firm has also made significant changes to its Canadian equities team, hiring new investment professionals and suggesting that the rebuilt team could become one of the best in the industry.
Ménard stressed the growing importance of scale in the industry, particularly because technology investment now represents a major share of the competitive landscape. Mid-sized firms must either build enough scale for a full platform or remain niche specialists. Fiera positions itself as a « big/small » asset manager, seeking the scale advantages of a larger manager while preserving the flexibility of a specialist. According to InvestingPro, Fiera Capital carries a « Good » financial-health score of 2.83, and analysts forecast the firm will be profitable this year with expected net-revenue growth. As of September 10, 2026, the stock was up less than 1% year-to-date.
Conclusion
Fiera Capital’s appearance at the Scotiabank summit lays out a clear roadmap: accelerate sharply in private markets while streamlining the investment platform. The bet is ambitious — going from C$22 billion to over C$40 billion in private-markets AUM within 3 to 5 years — but consistent with the disproportionate contribution of that activity to revenue generation. The coming quarters will show whether the organizational restructuring delivers, and whether the firm can stabilize its underperforming segments while maintaining momentum in fixed income and private markets. Notably, Power Corporation, Fiera Capital’s parent, also participated in the summit, with CEO James O’Sullivan presenting an overview of the group and its long-term value-creation approach.
Sources
- Investing.com — Fiera Capital at Scotiabank’s 27th annual financials summit
- GuruFocus — Fiera Capital transcripts
- Fiera Capital — Investor Relations (events)
- Investing.com Transcripts
- Fiera Capital — Headlines
- Power Corporation — Investor presentations
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decisions.
