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Opinions Benj Gallander
Fiera Capital CorpFSZ.TOCOMMENTJan 08, 2014
Benj GallanderStock price when the opinion was issued
As of Jun 19, 2026. Market Open.
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It is in the field of asset management and manages $164 billion in assets. It has grown by acquisition in the last while but the stock price is too low now for them to use it as currency for more acquisitions. It needs to be bigger in this type of business and there are better places to be.
Canadian asset manager that has seen low share price (higher interest rates).
AUM growth has been weaker due to choppy markets.
Cyclical business that will recover with flat interest rates.
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Gavin GrahamPays nearly a 7% yield. Cheap PE, too. They've grown by acquisition, owning hedge funds,. private equity, etc. But can they grow organically and increase margins? If they acquire, they must buy big companies to make enough of an impact. They also face heavy competition from ETFs and companies like Blackrock.
When markets start going well, people start taking money from under their mattress and putting it in and that benefits companies like this. Stock price had a tremendous ride. Returns to investors were not all that great. The question is how they will attract people in the future. Expect that people who manage money will start doing much better.