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Opinions Peter Hodson
Fiera Capital CorpFSZ.TOCOMMENTNov 02, 2016
Stock 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.
Asset management. National Bank (NA-T) owns a big chunk. They’ve started to make acquisitions in the US, which is where the growth opportunity really is. Unfortunately asset management is changing. Margins are going down, sales are dropping and everyone really doesn’t like the business right now. This is one of the better ones in the business. Has a decent dividend which is still growing. Own it for the dividend and the long-term story and asset accumulation, but just don’t expect a whole lot in the next year.