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Opinions John O'Connell, CFA
Fiera Capital CorpFSZ.TODON'T BUYSep 16, 2014
John O'Connell, CFAStock 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.
They have been buying up money management companies. They have a big shareholder in National Bank (NA-T) when they bought out one of National’s businesses. What he doesn’t like is that they are thinking of buying wealth management companies similarly to the way they have been buying institutional money managers. Thinks this is a very, very dangerous strategy to pursue.