On December 1, 2017, Fiera Capital Corporation announced an agreement to acquire City National Rochdale Emerging Markets Fund’s management.
Under the terms of the Agreement, Fiera Capital Corporation’s U.S. Division, Fiera Capital Inc. (“Fiera Capital”), will acquire the management of City National Rochdale Emerging Markets Fund (“City National Fund”) for approximately US$12 million cash at closing, US$12 million of revenue share payable over 5 years after closing, and additional revenue share payable over 10 years after closing. As a result of the transaction, City National Fund’s investment team, including Anindya Chatterjee, Managing Director and Senior Portfolio Manager, will transition to Fiera Capital but continue to provide portfolio management services to City National Fund. Fiera Capital will serve as a sub-advisor to City National Fund, and City National Fund and its securities will be transferred to a new fund branded by Fiera Capital in early 2018.
Fiera Capital is a U.S. affiliate of Fiera Capital Corporation (TSX: FSZ), an independent asset management firm providing institutional, retail and wealthy private clients with a variety of investment solutions. As of September 30, 2017, Fiera Capital Corporation had over C$123.0 billion in assets under management.
City National Fund is a mutual fund that primarily invests in emerging markets in Asia. City National Fund has approximately US$1.7 billion in assets under management.
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