Fiera Capital entrusts leadership to Maxime Ménard

Fiera Capital entrusts leadership to Maxime Ménard

Voice of the New Boss: Maxime Ménard Takes the Reins at Fiera Capital

Prepare for a power move in the world of asset management as Maxime Ménard ascends the throne at Fiera Capital, replacing Jean-Guy Desjardins, the company's founder. With a fistful of ambition, Ménard sets his sights on taking Fiera's assets under management (AUM) from its current $162 billion to an impressive $250 billion in just five years.

"Achieving such a target will require grit, a favorable market climate, and flawless execution," Ménard declared in a recent interview. He continues, "AUM not only fuel our profitability but also enable us to invest in activities and innovation in an industry that's expected to consolidate significantly within the next five years."

With Jean-Guy Desjardins staying on as executive president of the board and taking on the role of chief global asset allocator, the focus at Fiera remains steady and unified.

A Change in the Command

Since 80-year-old financial titan Jean-Guy Desjardins took the helm just two years ago, Fiera's CEO seat has seen a rapid succession of leaders—a fact that's made Maxime Ménard's recent appointment the talk of the town. Arriving at Fiera with a strong pedigree from Jarislowsky Fraser, a subsidiary of Scotiabank, Ménard is more than up to the task, according to insiders within the company.

With the majority of Fiera's AUM belonging to Canadian clients, growth will primarily come from expansion into international markets. An advantageous geographical proximity makes the United States an alluring target for Fiera, with existing offices in cities like Ohio, New York, and Boston.

"We currently offer top-tier solutions for American, global, and emerging market equities, as well as a robust private platform for agriculture and real estate," Ménard explained. "Additionally, we have a presence in Abu Dhabi and Switzerland, providing opportunities to partner with insurers and family offices."

A Rising Tide

Maxime Ménard's vision for Fiera's future comes with the opportunity and responsibility of strategic decision-making. With the aim of focusing on American, international, large-cap Canadian, and fixed-income strategies, the company will see departures from niche products like its small-cap investment strategy, exemplified by the recent resignation of portfolio manager Marc Lecavalier.

Fiera's growth hasn't been without setbacks, however. The departure of star portfolio manager Nadim Rizk four years ago resulted in significant asset outflows, with Rizk going on to establish his own asset management firm, PineStone. Yet, Ménard expresses confidence in the relationships between Fiera and PineStone, citing their continued association as a significant sub-advisory client for PineStone.

In other Fiera news, Jean-Michel, one of the firm's public market heads, recently departed along with portfolio manager Marc Lecavalier. The company's approach to these changes is to intensify organizational simplification by having portfolio managers report directly to Ménard and Desjardins.

Two senior executives, Gabriel Castiglio and Lucas Pontillo, will now take on expanded roles in response to these changes. Castiglio, who previously oversaw legal affairs and the secretary's office, has been appointed Chief Operating Officer, managing operations and organizational alignment. Meanwhile, Pontillo, who served as the Chief Financial Officer, will be focusing on strategic planning and execution in addition to his existing role.

Ready for the Future

The current management team at Fiera owns approximately 20% of the firm's shares. Despite a 40% drop in Fiera's stock price and a dividend yield exceeding 13% over the past six months, the company remains steadfast in its commitment to continued growth. Fiera will unveil its first-quarter financial results this Friday.

Quick Facts:

• Founded: 2003
• Headquarters: Montreal, Toronto (Stock symbol: FSZ)
• Founder and chairman: Jean-Guy Desjardins
• Assets under management: $162 billion
• Employees: 850

1. Maxime Ménard, the newly appointed CEO at Fiera Capital, aims to increase the company's assets under management (AUM) from $162 billion to $250 billion within five years.
2. With a strong background from Jarislowsky Fraser, a subsidiary of Scotiabank, Ménard is anticipated to succeed in his new role, as per company insiders.
3. Fiera's growth strategy involves focusing on American, international, large-cap Canadian, and fixed-income strategies, which might lead to departures from niche products.
4. A significant sub-advisory client for Fiera is PineStone, formerly managed by star portfolio manager Nadim Rizk, who left Fiera four years ago.

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