Fiera Capital Annual Report 2023

Plain-text annual report

Annual Report 2023 Table of Contents 2 A Message From Our Chairman of the Board and Global Chief Executive Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Sustainable Investing at Fiera Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Who We Are . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Diversity, Equity and Inclusion at Fiera Capital . . . . . . . . . . . . . . . . . . . . . 35 Our People . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Enterprise Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 A Global Investment Firm Rooted in Canada . . . . . . . . . . . . . . . . . . . . . . . . 9 Regional Chief Executive Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 A World Class Investment Platform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Leadership Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Our Investment Platform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Corporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Investment Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Management’s Discussion and Analysis and Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Public Markets: Building Stronger Investment Solutions . . . . . . . . . . . . . 18 Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Private Markets: Customized and Diversified Solutions . . . . . . . . . . . . . . 23 Private Markets Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Private Wealth: Expanding Our Global Offering . . . . . . . . . . . . . . . . . . . . 31 FIERA CAPITAL ANNUAL REPORT 2023 3 A Message From Our Chairman of the Board and Global Chief Executive Officer Over the last twelve months, Fiera Capital has thoughtfully expanded its global reach by strategically shifting towards a regionalized distribution model, in order to be better aligned with our markets and clients. Moving from a centralized global model to one that is more deeply rooted Fiera Capital’s Public Markets division has built a high-quality equity in local insight, our focus on Canada, the US, EMEA and Asia has notably and fixed income platform that is performing, diversified and resilient to strengthened our market engagement and service delivery . The introduction unpredictable financial markets . Public Markets assets increased by $6 .6B in of regional leadership and the opening of key offices in Zurich, Abu Dhabi the last quarter of 2023, driven by successful active investment management and The Hague exemplify our ambition to being where client demand for within rising financial markets . Our global investment offering continues to our investment strategies is strongest . This strategic pivot is not just about growth; it’s a testament to our agility in navigating market dynamics and seizing opportunities for value creation . As we move forward, Fiera Capital is unequivocally committed to sustainable growth, excellence in service and delivering on our promises to all our stakeholders . 2023 was a year shaped by the unique blend of challenges and opportunities presented by the global financial landscape . Amidst regional banking crises, inflationary pressures and geopolitical uncertainties, Fiera Capital has demonstrate long-term success with 98% of our strategies outperforming their benchmarks over a 5-year horizon . As our platform continues to mature and succeed within a competitive industry, we are focused on delivering high quality investment solutions that leverage our full investment capabilities . The Private Markets division also demonstrated stability, overseeing C$18 .5 billion in assets . Despite economic conditions that influenced fundraising, we achieved C$1 .7 billion in new subscriptions throughout the year . The Private Markets division launched European Real Estate Debt and U .S . Real Estate Debt strategies, solidifying the firm's position as a global showcased its resilience and strategic agility . real estate credit platform . By the end of the year, our assets under management increased to Our investment philosophy continues to be deeply rooted in sustainability . C$161 .7 billion, with a growth of 4 .1% from the previous quarter and Last year, we underscored this commitment through key initiatives, an annual rise of 2 .0% . These results underscore our team’s expertise including the publication of our first Task Force on Climate-Related Financial in maneuvering through a dynamic market environment . Disclosures (TCFD) report and our adherence to the UK Stewardship Code . FIERA CAPITAL ANNUAL REPORT 20234 Our engagement in Climate Engagement Canada and similar initiatives highlights our dedication to making a meaningful impact on environmental and social fronts . I extend my heartfelt thanks to our teams for their hard work, which have been essential in our achievements over the past year . Your collaboration, creativity and dedication have been the cornerstone of our success, allowing us to face challenges head-on and emerge stronger, more resilient and more united than ever before . To our clients, your trust and partnership are invaluable . To our shareholders and creditors, your unwavering support is greatly appreciated . Finally, special thanks to our board members, who have provided wise counsel and guidance through our journey of transformation . Looking ahead, Fiera Capital is committed to continuing its path of organic growth, operational improvement and sustainable investment returns . We are well-prepared to face upcoming challenges and embrace opportunities, aiming to further solidify our position in the global asset management sector . Sincerely, Jean-Guy Desjardins Chairman of the Board and Global Chief Executive Officer FIERA CAPITAL ANNUAL REPORT 20235 Who We Are Fiera Capital Corporation (“Fiera Capital” or the “Company”), founded in 2003, is a leading independent asset management firm with a growing global presence and approximately C$161.7 billion in assets under management (“AUM”) as of December 31, 2023. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, EMEA (Europe, Middle East and Africa) and key markets in Asia . Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of the investment management science to create innovative investment solutions and foster sustainable prosperity for all our stakeholders . Build optimized portfolios to deliver on client objectives Offer innovative investment strategies As efficient allocators of capital, we seek to: Contribute to socially responsible outcomes Deliver value for our shareholders Harness the intellectual capital of our diverse and inclusive team FIERA CAPITAL ANNUAL REPORT 2023Our People At Fiera Capital, we empower our employees to realize their ambitions and excel in their work. Through an array of development and wellness initiatives and programs, we foster an atmosphere that not only values and recognizes our talented teams but also actively encourages entrepreneurial spirit and continuous innovation . We are committed to cultivating an environment where every individual feels valued, seen and heard . This commitment embraces both personal and professional growth; it is about ensuring that our people thrive, which in turn benefits our clients . We believe that when our team excels, our clients receive the best of us in the management of their assets, reflecting our dedication to delivering value and success collectively . Supporting Our People’s Well-Being At Fiera Capital, prioritizing the well-being of our employees is central to our talent strategy. We're committed to creating an environment where our team members can thrive. This includes offering benefits like enhanced parental leave, a flexible summer schedule, wellness reimbursements and a hybrid workplace model . Our goal is to foster an inclusive, safe and trusting workplace where everyone feels valued and empowered to perform at their best . 6 We cultivate a culture of empowerment and innovation by prioritizing the well-being of our team, thereby establishing an environment conducive to both personal and professional advancement . This dedication ensures our clients receive superior service, reflecting our commitment to excellence . Gabriel Castiglio Executive Director, Global Chief Legal Officer and Corporate Secretary FIERA CAPITAL ANNUAL REPORT 2023FIERA CAPITAL ANNUAL REPORT 2023 7 Atomic Wellness Habits Program We know that our people’s well-being is directly tied to our ability to innovate, support the needs of our clients and perform at our best. In 2023, we launched our Atomic Wellness Habits Program to host a series of events that focus on practical information and concrete actions our team members can take that focus on the five macro categories of wellness: Sleep (including access to a virtual sleep clinic) Movement Nutrition Community Connection and mindfulness Navigating Ambiguity & Enhancing Your Efficiency for Sustainable Productivity. Erik Giasson, a renowned executive coach, joined employees for a discussion on the topic “Navigating Ambiguity & Enhancing Your Efficiency for Sustainable Productivity.” Erik drew on his personal and professional experience to explore the benefits of managing stress and building capacity for mindfulness and resilience to achieve greater fulfilment. Learning and Development To help our workforce meet the challenges of today and tomorrow and develop the right skills to succeed, we offer various learning and development opportunities to ensure our people have the tools they need to grow: 8 In addition to paying for professional certifications, our Upskill program allows for an annual individual training amount of $3,000 in local currency to invest in development activities, conferences or seminars . Employees have unlimited access to the e-learning platform LinkedIn Learning to develop technical or soft skills to achieve personal and professional goals with video courses taught by industry experts . We provide mandatory corporate training through a compliance learning platform in alignment with our commitment to create a culture of greater inclusion . For the past five years, we’ve been actively encouraging women within our firm to embrace their ambition and unlock their leadership potential through our participation in the A Effect Ambition Challenge . Since 2019, 116 women at Fiera Capital have proudly taken up the challenge . You can view our dedicated website here to discover all of our program participants . Our Ignite Your Mind Speaker Series is a thought-provoking speaker series designed to foster a culture of innovation at Fiera Capital . Milla Craig, a leading expert in helping companies and investors understand and integrate ESG factors into their investment practices, joined employees to discuss the environment and trends for 2024, as well as her views on key environmental, social and governance issues . FIERA CAPITAL ANNUAL REPORT 2023 A Global Investment Firm Rooted in Canada 840+ employees 221 investment experts Offices in 13 cities and 9 countries 9 Montreal Toronto Calgary New York Boston Dayton London Frankfurt Hong Kong Singapore Zurich Abu Dhabi The Hague FIERA CAPITAL ANNUAL REPORT 2023A World Class Investment Platform With capital allocation efficiency as a focus, we are dedicated to serving the evolving needs of our institutional, financial intermediaries and private wealth clients. Fiera Capital’s investment platform is characterized by our commitment to active management, rigorous research, risk management, customization, global perspective and environmental, social and governance (“ESG”) integration . Through these elements, we strive to deliver superior investment outcomes and build long-term relationships with our clients . In 2023, Fiera Capital launched its global expansion strategy and implemented its new regionalized distribution model with a focus on building local capabilities. Our dedicated team of distribution professionals engages in personalized interactions to deeply understand each client's ambitions . Leveraging local insights, we craft tailored investment portfolios positioned to achieve their goals . This approach helps ensure extensive service and fosters stronger client connections, empowering them to navigate the investment landscape with confidence . 10 Our focus remains on our clients . Through our innovative regionalized distribution model, we ensure tailored investment solutions, reaffirming our commitment to empowering clients in achieving their financial objectives . Lucas Pontillo Executive Director, Global Chief Financial Officer FIERA CAPITAL ANNUAL REPORT 2023Our Investment Platform 11 Public Markets BALANCED AND MULTI-ASSET CLASS SOLUTIONS ESG INTEGRATION Equities Fixed Income Liquid Alternatives Public Markets AUM $143.2B Canadian Equity Canadian Equity Small Cap Global Equity International Equity U.S. Equity Canadian Active Canadian Credit Core Plus Infrastructure Debt U.S. Municipal U.S. Equity Small/Mid Cap North American High Yield Emerging Markets Frontier Markets Systematic Solutions Liability Driven Investing Emerging and Frontier Markets Long/Short Global Market Neutral Total $75.1B1 $67.6B $0.5B 1 . Includes $45 .2 billion sub-advised by StonePine Asset Management All figures are in Canadian dollars . FIERA CAPITAL ANNUAL REPORT 202312 Private Markets BALANCED AND MULTI-ASSET CLASS SOLUTIONS ESG INTEGRATION Real Estate Infrastructure Agriculture Private Equity Private Credit Canada/UK Core Global OECD, Global Agriculture Global Private Equity Canadian Real Estate Mid-Market Core and Core-Plus Canada Small Cap Industrials Canada/UK Value-Add Canada/UK/Asia Development Private Markets AUM $18.5B1 North American Infrastructure North American Corporate North American/ European Opportunistic Credit Asian Real Estate Asia Special Situations/ Stressed Asia High Yield Diversified Credit Total $6.6B $3.9B $2.1B $0.8B $5.1B 1 . Includes $1 .0B of committed, undeployed capital All figures are in Canadian dollars . FIERA CAPITAL ANNUAL REPORT 2023Financial Highlights 13 Total AUM As of December 31, 2023 At a Glance $188.3B $181.9B $171B $161.7B $158.5B Revenues EBITDA1 2022 2023 $681.4M $686.6M $141.3M $186.8M $137.5B 2018 2019 2020 2021 2022 2023 Adjusted EBITDA1 $191.8M $205.9M Net Earnings (loss)2 $25.4M $58.5M Adjusted Net Earnings1, 2 $121.8M $126.1M All figures are in Canadian dollars. FIERA CAPITAL ANNUAL REPORT 202314 Total Revenues 2019 2020 2021 2022 2023 Base Management Fees $570.3M $634.0M $634.2M $602.8M $592.2M Performance Fees $34.6M $28.8M $68.9M $32.1M $50.3M Share of Earnings in Joint Venture3 $6.0M $5.7M $12.0M $16.5M $11.1M Other Revenues4 $46.2M $26.7M $34.8M $30.0M $33.0M Total $657.2M $695.1M $749.9M $681.4M $686.6M Compound Annual Growth Rate (CAGR) 1.1% All figures are in Canadian dollars. Certain totals may not reconcile due to rounding. FIERA CAPITAL ANNUAL REPORT 202315 2019 2020 2021 2022 2023 Adjusted EBITDA1, 5 $193.0M $209.7M $247.7M $191.8M $205.9M Adjusted EBITDA Margin1,5 (%) 27.8% 30.2% 33.0% 28.2% 30.0% All figures are in Canadian dollars . Certain totals may not reconcile due to rounding . 1 . Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA per share, adjusted net earnings and adjusted net earnings per share are not standardized measures prescribed by International Financial Reporting Standards (“IFRS”) . These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies . Certain comparative figures have been restated to conform with the current presentation . Please refer to the “Non-IFRS Measures” Section of the Company’s MD&A for the definitions and the reconciliation to IFRS measures, available at www .fiera .com and www .sedar .com . 2 . Attributable to Company’s shareholders . 3 . Following the acquisition of 80% interest in Palmer Capital (subsequently renamed Fiera Real Estate UK Limited) in 2019, the Company has been recording its share or earnings resulting from underlying joint venture projects within Fiera Real Estate UK Limited . 4 . Other Revenues includes brokerage commissions, consulting fees and gains or losses on foreign exchange forward contracts . In 2019, Other revenues also included commitment and transaction fees related to the Company’s Private Markets investment platform . 5 . The Company adopted IFRS 16, Leases, on January 1, 2019 using the modified retrospective approach where comparative information presented for 2018 has not been restated and is presented as previously reported and, therefore, may not be comparable . Prior to the adoption of IFRS 16 on January 1, 2019, as a lessee, the Company classified leases as an operating lease or finance lease under IAS 17, based on its assessment of whether the lease transferred substantially of the risks and rewards of ownership . Rent expenses related to operating leases were previously recognized in selling, general and administrative expenses . Following the adoption of IFRS 16, lease payments are presented as cash generated (used in) financing activities whereas prior to the adoption of IFRS 16, on January 1, 2019, they were presented as cash generated (used in) operating activities in the statement of cash flows . Refer to Note 2 of the audited consolidated financial statements for the year ended December 31, 2019 for further details on the transition to IFRS 16 . The Company’s lease portfolio in 2019 was impacted by the four acquisitions completed over the course of the year, in addition to new leases entered into in 2019 related to the Company’s new headquarters in Montreal, Canada and new office premises in London, United Kingdom . Our lease payments presented in the statement of cash flows for the year ended December 31, 2019 were also impacted by lease inducements and rent-free periods related to these new leases in 2019 . FIERA CAPITAL ANNUAL REPORT 2023Investment Solutions Total Portfolio Solutions The Total Portfolio Solutions team works directly with both our investment and the distribution teams to put forward customized investment solutions that best respond to the investment needs of our clients. Delivering clients with high quality investment solutions is at the forefront of the team’s objectives. We pride ourselves in remaining at the cutting edge of our industry and increasing our client's confidence in the solutions that we put forward . Our comprehensive investment and risk management proprietary tools powers technology and investment capabilities to bring customized solutions to our clients, leveraging our full suite of Public and Private Market investment strategies . By constructing more efficient portfolios integrating risk factor allocation towards investment outcomes for our clients, we provide rigorous investment solutions adapted to the specific needs, objectives, and time horizons for both our institutional and private wealth clients . 16 Innovation, research and a robust quantitative framework fuels our client-centric approach to portfolio construction . Leveraging the depth and quality of our investment platform, we build investment solutions tailored to client needs, supported by rigorous risk management and technology tools . Caroline Grandoit Global Head of Total Portfolio Solutions FIERA CAPITAL ANNUAL REPORT 2023The Interaction Framework 17 This graphic is for illustrative purposes only . SolutionsSolutionsDistribution Investment Platform Public Markets Private Markets Institutional Financial Intermediary Private Wealth Private Markets Client Advisory and Servicing PublicMarkets Strategic AssetAllocation Optimization FIERA CAPITAL ANNUAL REPORT 2023Public Markets: Building Stronger Investment Solutions Our knowledgeable expertise in investment management offers our clients a high conviction, diversified public markets investment platform. Through rigorous research, disciplined portfolio management and a client-centric approach, we aim to deliver consistent and compelling investment outcomes for clients. Our differentiated team structure, based on independence and accountability, fosters the competitiveness and attractiveness of our comprehensive investment platform . Our public markets investment platform is continually evolving to help ensure that we offer competitive and attractive strategies capable of delivering alpha through high quality active management . In 2023, despite market volatility, both our fixed income and equity strategies demonstrated their resilience and achieved strong absolute and relative returns for our clients . Our Public Markets division experienced a remarkable growth in assets under management, with an increase of C$6 .6 billion in 2023 . The Public Markets CIO Office continuously monitors our investment platform to help ensure that we offer clients with high quality, institutional investment processes capable of producing repeatable active investment management . We have a primary objective to support our investment teams and to provide the necessary resources required to be successful in what they aim to achieve – generating positive excess returns . 18 The resiliency of our Public Markets platform demonstrates an attractive global offering that leverages world-class talent to deliver efficient and competitive investment strategies and solutions . Jean Michel Executive Director, President and Chief Investment Officer of Fiera Public Markets FIERA CAPITAL ANNUAL REPORT 2023Fixed Income Investment Capabilities 19 Fiera Capital manages a diversified Public Markets fixed income platform that aims to deliver durable and resilient alpha through investment capabilities ranging from bottom-up credit selection, top-down duration and yield positioning, overlays, U.S. credit and high yield. 2023 Highlights Our Public Markets fixed income offering consists of four high-caliber investment management teams located in Canada and the United States . Fiera Capital has one of the most comprehensive fixed income platforms in Canada with a breadth of strategies across Canadian Universe, Credit, Relative Value, Liability Driven Investing and Global Fixed Income, as well as U .S . credit and municipal strategies . We take a solutions-based approach and collaborate directly with clients to design, implement and manage innovative purpose-built solutions that respond directly to unique client investment objectives . Public Markets fixed income investment platform AUM totaled $67 .6 billion as of December 31, 2023 . Three Fixed Income Funds that that are sub-advised by Fiera Capital have won an London Stock Exchange Group (LSEG) Lipper Fund Award in 20231: On a trailing five-year basis, 98% of fixed income investment strategies outperformed their respective benchmarks, reflecting the long-term consistent performance of our investment offering . Successfully launched the Canadian Pooled Fund investment vehicle for the Fiera Global Sustainable & Impact Bond strategy . NBI Floating Rate Income Fund (3 Years) Horizons Active Ultra-Short Term Investment Grade Bond ETF (10 Years) Horizons Active Global Fixed Income ETF (3 Years) 1 . The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months . The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award . This award was given on November 9, 2023 . No compensation was provided in connection with obtaining this award . FIERA CAPITAL ANNUAL REPORT 202320 Equity Investment Capabilities Fiera Capital manages a diversified high conviction Public Markets’ equity investment platform focused on alpha generation, with investment capabilities ranging in terms of style and capitalization that span across Canadian, Global, Emerging and Frontier geographical regions. Our equity teams cover an ever-evolving global market and reside in Canada, the United States and the United Kingdom . Each investment strategy is managed by experienced investment teams who have developed differentiated, high quality and proven investment philosophies that are focused on generating positive added value . Our current equity investment offering spans key geographies, styles and capitalizations, along with exposure within niche areas of the market, allowing to realize complementary benefits when paired within a multi-asset mandate . 2023 Highlights Public Markets equity investment platform AUM totaled $75 .1 billion as of December 31, 2023 . The following strategies were recognized in the 2023 Global Manager Research Awards: On a trailing five-year basis, 98% of equity investment strategies outperformed their respective benchmarks, reflecting the long-term consistent performance of our investment offering . Fiera Canadian Equity Fossil Fuel Free Ethical Composite Strategy Fiera U.S. Equity Ethical Strategy Many of our flagship equity strategies rank in the first quartile relative to their comparable investment universe over a five-year investment horizon . The NBI Quebec Growth Fund that is sub advised by Fiera Capital has won a London Stock Exchange Group (LSEG) Lipper Fund Award in 2023. The Fiera OAKS Emerging Markets Select strategy AUM surpassed C$100 million throughout 2023 and will reach the three-year track record in the early half of 2024 . Continue to see success following the integration of the Atlas Global Companies team in 2021, with team AUM surpassing C$2 .0 billion at end of 2023 attributed to both organic growth and market performance . FIERA CAPITAL ANNUAL REPORT 2023FIERA CAPITAL ANNUAL REPORT 2023 21 Balanced Investment Strategies Investment Capabilities Fiera Capital offers a wide range of balanced investment solutions that leverage Fiera Capital’s diverse investment capabilities, such as actively managed Public & Private Markets investment strategies, application of the Fiera Tactical Asset Allocation strategy, efficient access to Private Markets assets classes and integration of sustainable investing practices. We currently offer six Balanced Pooled Funds with differentiated risk profiles that we believe are well suited to address the varying investment needs of our clientele . 2023 Highlights Officially completed the transition of all Fiera Balanced Pooled Fund’s under the oversight of the Multi-Asset Class Solutions (MACS) team, led by Caroline Grandoit, FSA, CFA, CERA. The investment policy statement (IPS) for most of the Balanced Pooled Fund’s underwent an optimization exercise in 2023, with new IPS effective on January 2, 2024, to further align the Fund offering towards their stated investment objective . The Fiera Balanced Ethical Strategy was recognized in the 2023 Global Manager Research Awards. Fiera Balanced Investment Strategy Offering Liquidity Profile Risk Profile Public Markets Private Markets Capital Appreciation Income 22 42% 58% 25% 75% 25% 75% 50% 50% 45% 55% 35% 65% Fiera Diversified Balanced Strategy Fiera Balanced Ethical Strategy Fiera Balanced Growth Strategy Fiera Diversified Balanced Strategy Fiera Balanced Ethical Strategy Fiera Balanced Growth Strategy 100% 100% 30% 70% 40% 60% 38% 62% 100% Fiera Sceptre Balanced Core Strategy Fiera Balanced Integrated Strategy Fiera Global Impact Strategy Fiera Sceptre Balanced Core Strategy Fiera Balanced Integrated Strategy Fiera Global Impact Strategy FIERA CAPITAL ANNUAL REPORT 2023Private Markets: Customized and Diversified Solutions Fiera Private Markets provides exclusive access to diverse private alternative assets for enhanced diversification and returns. Our extensive offering of private markets strategies leverages the firm’s outstanding talent and execution capabilities to provide investors seeking to further diversify their portfolios with innovative solutions that offer a hedge to inflation and the potential for higher risk-adjusted returns and less volatility, underpinned by long-term value creation . We now offer a broad suite of strategies globally, including over 20 distinct private market strategies across private credit, real assets and private equity, most recently launching our Global Sustainable Timberland strategy . Our experienced team of over 120 investment professionals continues to be focused and specialized within their asset class with boots on the ground, maintaining a mid-market focus . Fiera Capital's Private Markets division demonstrated resilience and adaptability, maintaining assets under management at C$18 .5 billion, with C$1 .7 billion in new subscriptions . In 2023, Fiera Real Estate Industrial Fund delivered an impressive gross total return of 8 .5% for the year and recently surpassed C$1 billion in assets under management, a testament to its resilience and attractiveness to investors . Similarly, our Infrastructure Debt strategies boasted a 1-year absolute return exceeding 14% . While the broader market faced challenges, our commitment to excellence and strategic management enabled us to navigate complexities effectively, helping ensure stability and continued progress within our Private Markets business . With investors increasingly prioritizing alternative investments, particularly in private credit, we believe we are well-positioned to capitalize on emerging opportunities and meet evolving investor needs . 23 Our continued growth is not without the Private Markets team’s unwavering focus on fund performance and returns, amplified by progressive innovation and extensive expertise . John Valentini Executive Director, President and Chief Executive Officer of Fiera Private Markets FIERA CAPITAL ANNUAL REPORT 2023Real Estate Our team manages a variety of different real estate strategies across various regions and subsectors within the real estate market. We seek to offer diversification, inflation hedge and deliver stable, risk-adjusted returns to our investors. The real estate strategies have shown resiliency to the broader cap rate expansion due to their primary exposure to industrial and residential sectors. The AUM is C$6.6 billion across our real estate strategies as of December 31, 2023. 24 Listed in IPE’s Top 150 Real Estate Investment Managers 2023 . Our Fiera Real Estate (“FRE”) team expanded its footprint in the credit space by successfully launching a European real estate debt strategy . FRE also has an existing Asia credit offering . In Canada, FRE worked on refining its Canadian real estate debt strategy, which is expected to be ready for external investors in mid-2024 . In the US market, an experienced team was also assembled, and a US Debt Fund was structurally created with active fundraising to commence in 2024 . FRE UK and Canada have had robust platforms offering a variety of products . To continue to optimize investor appetite and adhere to market trends, management aligned efforts and addressed strategies that were not yet available to service the entire risk spectrum . In Canada, a value-add industrial specific strategy was launched and is actively fundraising . In the UK, the Euro Debt Fund was launched . Both decisions allowed for a fully built out program that offers core, core plus, value-add, opportunistic and real estate debt strategies . Achieved five stars in the 2023 Annual Principles for Responsible Investing (PRI) Survey . Achieved green star status and an improvement of scores across all participating Funds in the Global Real Estate Sustainability Benchmark (GRESB) . FIERA CAPITAL ANNUAL REPORT 202325 Global Private Equity Our strategy is a global portfolio of corporate private equity investments, generating attractive downside-protect absolute returns over the long-term. The fund’s AUM is C$850 million as of December 31, 2023. In 2023, the strategy completed four direct investments, including one follow-on investment for an existing portfolio company and one fund commitment; the strategy ended the year with a total of 25 unique investments diversified across industries and geographies . FIERA CAPITAL ANNUAL REPORT 2023Infrastructure Our infrastructure team manages a diversified portfolio of high-quality, essential infrastructure, offering investors the opportunity to access a sought- after asset class. With a focus on global mid-market infrastructure, we seek to deliver stable, risk-adjusted returns through diversified exposure to the asset class. The portfolio invests in infrastructure assets across the globe, that provide essential services, resulting in limited demand risk and low correlation with any economic or business cycle. The strategy’s AUM is C$3.9 billion as of December 31, 2023. 26 The infrastructure strategy has continued to navigate the current macroeconomic landscape and remained resilient . Most recently, the strategy closed a significant infrastructure investment in PureSky Energy, a leading developer, owner, and operator of community solar and storage projects in the US . The strategy is invested in over 90 assets. Achieved an average asset GRESB score increase of 6%. FIERA CAPITAL ANNUAL REPORT 202327 Global Agriculture Our agriculture strategy is dedicated to building a diversified global portfolio of assets, primarily farmland, generating stable, attractive returns over the long-term for investors. We invest in agricultural and rural producing assets primarily in the United States, Australia, New Zealand, Canada and Western Europe focusing on high-quality farmland with a history of production and resilience through economic and commodity cycles . We employ an own-and-operate model to collaborate with well-regarded local operators, and we invest primarily in permanent crops, row crops, animal protein and related rural sectors . The strategy’s AUM is C$2 .1 billion as of December 31, 2023 . The strategy’s portfolio companies have already incorporated many operational enhancements, resulting in strong operations and attractive cash yield . The strategy most recently signed a deal with one of the largest producers of premium organic olive oil based in Portugal and Spain . Other recent deals include a citrus producer in Australia . Released its second Sustainable Investment Report. FIERA CAPITAL ANNUAL REPORT 2023Global Timberland In 2023, Fiera launched its first Global Sustainable Timberland Strategy. The strategy is a diversified portfolio of private-owned timberland assets across a mix of softwood species and age classes . The objective is to generate income and add value through the sustainable management of timberland assets . 28 FIERA CAPITAL ANNUAL REPORT 202329 Private Credit The Fiera private credit strategies continue to benefit from strong yields given their primary floating rate exposure, and their diversification and resilient portfolio construction. These strategies manage over C$5.1 billion in AUM across real estate credit, infrastructure debt and corporate credit. Current market conditions are appealing for private lenders, as banks face lending constraints caused by higher capital charges. The Australia and New Zealand Real Estate Debt strategy is the proud recipient of Preqin’s 2023 Award for the Best Credit Strategies Hedge Fund. Launched a European Real Estate Debt and US Real Estate Debt strategies, bringing our capabilities to a global scale: US, Europe, Canada, Australia and New Zealand . FIERA CAPITAL ANNUAL REPORT 2023Private Markets Solutions Our objective is to provide efficient access to a diverse global suite of innovative portfolio solutions in the private markets space. Fiera Private Markets Solutions offers a compelling value proposition built upon demonstrated leadership in private markets investments and a compelling track record in asset allocation value-added . Clients benefit from turn-key access to diversified private credit and real asset portfolio solutions that are accompanied by access to favorable liquidity conditions on a best effort basis . 30 Fiera Private Markets Solutions offers seasoned leadership in asset allocation across the private markets space . The expansive private markets platform at Fiera Capital serves as our investment universe in constructing the most optimal, diversified private credit and real asset investment solutions . Candice Bangsund Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions FIERA CAPITAL ANNUAL REPORT 2023Private Wealth: Expanding Our Global Offering Private Wealth provides discretionary investment management services to wealthy Canadians and their families through a range of innovative investment solutions, while incorporating our values in all that we do. Fiera Capital Private Wealth combines the flexibility and efficiency of a boutique wealth manager with the scale and the resources of a leading global investment management firm . We offer customized portfolios to help each client achieve their unique objectives using a range of innovative investment solutions . Once a client’s objectives are determined, we create a customized investment policy that can include a broad array of traditional and non- traditional asset classes . Our first focus is understanding what our clients need their investments to do for them . Only then do we look at putting together an investment portfolio that can be tailored to meet their financial goals . Our clients are at the heart of everything we do . It is our values that inspire our actions because managing investments is a matter of trust . Today, we are proud to offer a broad investment platform of strategies that adhere to our standards of excellence in investment management . Maxime Ménard was appointed as President and Chief Executive Officer, Fiera Canada and Global Private Wealth with a mandate to create new business opportunities as well as reinforce our brand identity and strength . Our goal is to provide the highest level of service in order to exceed our clients’ expectations, nurture trust and build long-term relationships . 31 Our commitment lies in understanding our clients' unique financial aspirations and tailoring innovative investment solutions to help achieve them . At Fiera Capital Private Wealth, trust and client-centricity drive our every action . Maxime Ménard President and Chief Executive Officer, Fiera Canada and Global Private Wealth FIERA CAPITAL ANNUAL REPORT 2023Sustainable Investing at Fiera Capital Vincent Beaulieu Head of Sustainable Investing, Public Markets We are a firm built for capital allocation excellence and we have the ambition and the determination to provide our clients with the most sophisticated solutions serving their ever-evolving needs. As stewards of capital, we believe we have a responsibility towards our clients to efficiently allocate their capital, thoughtful of its impact on society. This belief forever guides our commitment to sustainable investing, which is core to our investment philosophy . We firmly believe in making each team accountable for the integration of ESG considerations into their investment processes and that doing so will help deliver better investment outcomes to our clients and foster sustainable prosperity for all our stakeholders . Sustainable investing remains central to every aspect of our business, and we have spent the past year investing in more dedicated resources to support this commitment . Fiera Capital stands firm in its commitment to navigate sustainability risks and opportunities, in the pursuit of fostering resilience and prosperity for both our clients and society at large . 32 Jessica Pilz Head of Sustainable Investing, Private Markets FIERA CAPITAL ANNUAL REPORT 202333 Our Sustainable Investing Journey 2002 Established Proxy Voting policy prior to the creation of Fiera Capital (previous firms) 2019 Launched new Global Proxy Voting Policy and introduced Responsible Investment Spectrum 2009 Became a signatory of the United Nations Principles for Responsible Investment (UN PRI) 2021 Updated Proxy Voting Policy and became a signatory of the Net Zero Asset Managers initiative 2014 Became a member of the Canadian Coalition for Good Governance (CCGG) 2022 Became a signatory of Climate Action 100+ 2016 Subscribe to MSCI ESG Manager and became a member of the Responsible Investment 2022 Became an official supporter of the TCFD Association (RIA) 2017 Updated Proxy Voting Policy and established Global RI Policy 2023 Became a UK Stewardship Code signatory 2023 Became a member of Climate Engagement Canada (CEC) FIERA CAPITAL ANNUAL REPORT 2023In 2023, we worked proactively towards our sustainability goals Became an official supporter of the Task Force on Climate-Related Financial Disclosures (TCFD) and published our first report in 2023 . 34 Read the PDF > Actively participated in engagement initiatives, including Climate Engagement Canada (CEC), which focuses on engagement with Canada’s corporate emitters of greenhouse gases . Increased our initial commitment to the Net Zero Asset Managers Initiative (NZAM), which brings together an international group of asset managers committed to playing an active role in battling climate change and working proactively towards the goal of reaching net-zero greenhouse gas emissions by 2050 or sooner . We committed a total of $20 .14 billion (US$15 .23 billion), as of December 31, 2023, representing 12 .46% of our AUM at that time . Participated in the Global Real Estate Sustainability Benchmark (GRESB) and received green star status for all participating real estate and infrastructure strategies in both Canada and the UK . Became a signatory of the UK Stewardship Code . Signatories of the UK Stewardship Code are required to annually report on their stewardship policies, processes, activities and outcomes for a 12-month reporting period, setting a high stewardship standard . Published articles focusing on sustainability topics, such as the “Investing for a Low Carbon World” paper written by the Global Equities team . FIERA CAPITAL ANNUAL REPORT 2023Diversity, Equity and Inclusion at Fiera Capital At Fiera Capital, we firmly believe that embracing a diversity of thought and perspective fuels our ability to generate innovative solutions, enabling us to build sustainable prosperity for all our clients. Creating a respectful, inclusive and supportive culture is integral to our ability to collaborate, generate competitive business insights and make better decisions . As we continue to grow, we aspire to achieve a level of diversity that reflects the communities and organizations we serve and support around the globe . Since the outset of our diversity, equity and inclusion (“DE&I”) journey in 2021, we've been steadfast in our commitment to meaningful action . We've focused on initiatives to bolster our talent pipeline by actively promoting the inclusion of women in management roles and advocating for increased representation of underrepresented racial and ethnic groups . Additionally, we've worked to create a workplace where every individual feels valued and empowered to contribute their unique perspectives . The implementation and success of Fiera Capital’s DE&I strategy are driven by the collective efforts of employees from across the organization and led by the Global Head of Diversity, Equity & Inclusion and a group of nearly 50 Fiera Capital employees who make up the Global DE&I Council and Ambassador Network . 35 Cultivating diversity isn't just about checking boxes; it's about unlocking the full spectrum of human potential . At Fiera Capital, we recognize that diverse perspectives are indispensable for driving innovation and delivering exceptional results . By embracing diversity in all its forms, we're not just transforming our organization; we're shaping the future of our industry . Caroline Turcotte Global Head of Diversity, Equity and Inclusion and Talent Development FIERA CAPITAL ANNUAL REPORT 2023DE&I Achievements 36 Received the Bronze Level Parity Certification from Women in Governance in the US and Canada (maintained since 2022), a diagnostic tool that provides an analysis of strengths and opportunities to achieve greater equity and inclusion in or practices . Delivered three training and educational initiatives globally: Women's History Month Panel, Pride Month events and Diversity Month events (Embracing Diversity, Sparking Innovation Panel Discussion, Truth & Reconciliation workshop), as well as a variety of DE&I calendar events . Launched Fiera Capital’s new Global Parental leave Policy that is more competitive and inclusive . FIERA CAPITAL ANNUAL REPORT 202337 Created the Indigenous Engagement and Inclusion Pledge (launched in January 2024) that represents our commitment to building meaningful partnerships that furthers Indigenous empowerment . Launched five distinct Employee Resource Groups (Women, BIPOC, LGBTQ+, Mental Health and Working Parent) . Development of Fiera Capital’s Volunteering Program (launched in January 2024), which offers employees one paid day annually to participate in a volunteer activity during business hours that will drive positive change in communities where Fiera Capital does business . FIERA CAPITAL ANNUAL REPORT 202338 Created Fiera Capital’s new Global Recruitment Policy that aims to ensure a consistent and fair approach to recruitment while promoting diversity and attracting qualified talent . Established partnerships with the Ivey Business School’s WAM (Women in Asset Management) Program to allow us to attract and hire more women in our investment teams . Evaluated our diversity progression, which showed that we had a 36% representation of women in management positions (2% increase compared to the previous year) and 33% representation of BIPOC representation across the organization (1% increase compared to the previous year) . FIERA CAPITAL ANNUAL REPORT 202339 Enterprise Risk Management Our Approach Governance Fiera Capital operates in a dynamic and fast-changing global environment, and as a result, we are subject to an ever-evolving risk environment. Our risk culture fosters prudent risk management through the combination of entrepreneurial leadership and an effective and efficient control framework . This approach allows us to intelligently pioneer new investment strategies and enhance and deepen client relationships . Our enterprise risk management framework (“ERMF”) and robust internal controls have helped us navigate the macroeconomic and geopolitical uncertainties of 2023 . Fiera Capital Corporation’s Board of Directors (the “Board”) is accountable for the overall stewardship of the ERMF. The Board has delegated to the Audit and Risk Management Committee the oversight of the ERMF process and policies . All material risk management decisions are escalated to the Board . FIERA CAPITAL ANNUAL REPORT 2023Enterprise Risk Management Framework (ERMF) Risk management is fundamental to our operations, embedded within our organizational structure through the ERMF. The ERMF ensures the identification, assessment, monitoring and mitigation of current and emerging risks, aligning with our obligations as a public-listed company and parent-company of several regulated entities . Our ERMF includes a range of risk categories, such as strategic, financial, legal and compliance, investment, operational, cybersecurity and data privacy risks . Each category is overseen and managed by independent control functions including the Risk and Compliance functions . This helps ensure clarity over responsibility for risk management and segregation of duties between those who take on and manage risk and those who oversee and provide assurance on risk . 40 Enterprise Risk Management enables Fiera Capital to deliver valuable returns for clients in a measured and controlled fashion . As a firm we channel our entrepreneurial history to drive innovation in a risk-adjusted way . In today’s dynamic cyber landscape, our steadfast commitment to cybersecurity and proactive management of technology risks is integral to our business operations, fostering a cyber risk- aware culture and operational resilience . We protect our business and cultivate trust with stakeholders through a comprehensive cyber program that integrates people, processes, information and technology . Catherine O’Reilly Global Head of Enterprise Risk Management (ERM) FIERA CAPITAL ANNUAL REPORT 2023Financial Reporting & Business Process Risk The Global Internal Controls function utilizes a holistic, integrated and systematic approach to objectively evaluate and make continuous improvements to Internal Controls using a risk-based approach that drives value to the business by taking a proactive approach, keeping up with business changes whilst ensuring best practices and compliance to regulatory requirements . 41 Regulatory Risk We operate in a complex and dynamic regulatory environment that necessitates a culture of compliance . To tackle these challenges, we leverage a compliance framework, aided by technology, to manage our regulatory compliance risk intelligently, consistently and efficiently . Moni Gupta Vice President, Internal Controls Jonathan Moncrieff Global Chief Compliance and Investment Risk Officer FIERA CAPITAL ANNUAL REPORT 20232023 Highlights In 2023, a number of developments and initiatives were undertaken to progress our management of risk. Some of these are summarized below: 42 Enhanced monitoring of risks associated with Fiera Capital’s organic growth transformation agenda and the move to a regional distribution operating model. Strengthened our defenses against ransomware threat by enhancing backup security and reinforcing protection for our digital crown jewels, bolstering our overall security posture. Adopted an automated compliance workflow solution to efficiently document, assess and manage regulatory compliance risk. Risk dashboards enhanced to support the review and challenge of investment risks including sustainability risks. FIERA CAPITAL ANNUAL REPORT 202343 Maxime Ménard President and Chief Executive Officer, Fiera Canada and Global Private Wealth Regional Chief Executive Officers Looking ahead, Fiera Capital’s Canadian division is strategically positioned to capitalize on opportunities as we progress toward our growth objectives. Our primary focus is to drive organic growth through a tailored, region-specific approach to distribution. Since the onset of 2024, we have restructured our division to enhance efficiency and standardize operations and services . These changes are designed to bolster our capacity to deliver innovative solutions and sustain growth over both the short and long term . Our effective approach to distribution, along with the strength of our Private and Public Markets platforms, will provide a solid foundation to further build Fiera Capital’s profile across Canada . Establishing a strong public presence is key as we seek to build strategic relationships and expand our market share and physical footprint . As always, our clients are at the core of every decision we make . By maintaining a local presence in key markets, actively engaging in industry events and upholding our commitment to exemplary client service, we aim to deepen our relationships with investors in 2024 and beyond . These initiatives are fundamental to continually strengthening our client partnerships . I am confident that our focused vision for the coming year will position Fiera Capital to achieve new levels of success, creating sustainable value for our clients, shareholders and the communities in which we operate . FIERA CAPITAL ANNUAL REPORT 202344 Klaus Schuster Executive Director and Chief Executive Officer, Fiera EMEA (Europe, Middle East and Africa) 2024 is already proving to be an exceptionally strong year for our EMEA (Europe, Middle East and Africa) division. Our highly differentiated public equities strategies in outperforming investment categories continue to post industry-leading batting averages, while our private markets capabilities across alternative asset classes such as agriculture, infrastructure and real estate, are recognized as best-in-class products and attractive additions to a wide range of institutional portfolios that share our philosophy of long-term alpha generation . In 2024, we announced office openings in Abu Dhabi, Zurich and The Hague, expanding our footprint into key geographies where our credibility and track record for delivering customizable client solutions is already recognized . This strategy of regionalization is also reflected in the steady development of our product suite, as we look to extend our offering to new asset classes and translate successful strategies conceived in North America to core markets in Europe and the Middle East . This is a truly exciting opportunity for our team that now stretches three continents, and we are well-positioned to create sustained value in a ‘new normal’ where investors at all tiers are seeking active, sustainable and highly differentiated investment solutions in which to deploy capital . FIERA CAPITAL ANNUAL REPORT 202345 Eric Roberts Executive Director and Chief Executive Officer, Fiera USA It’s an exciting time to be part of Fiera Capital. In the U .S ., we are positioned to grow assets in a meaningful way across our market leading public and private market strategies. As we continue to hone in on our strategic priority to foster organic growth across the U .S . and indeed the world, we have established a clearly defined strategy in the U .S . that delivers focus, execution and accountability . Already this year, we’ve experienced significant wins in the U .S . across all channels including a large mandate for our Fiera Comox Agriculture strategy, several additional wins yielding positive flows for Apex active equity strategies via our partnership with New York Life Investments, and our increased focus and resourcing within the Advisor/Intermediary channel is also proving to be a positive contributor . The U .S . is an important market that offers tremendous opportunity for Fiera based on our diverse active skill sets . Whether it’s direct via clients and prospects, consultants, or our advisor and sub-advisor networks, our U .S .-focused strategy is already experiencing success in 2024 with high expectations for the remainder of the year . FIERA CAPITAL ANNUAL REPORT 202346 Robert Petty Executive Director and Chief Executive Officer, Fiera Asia At Fiera Capital, we continue to strengthen our strategic focus on Asia's burgeoning savings and investment markets. Through a targeted, client-centric approach, we are enhancing our engagement with institutional and wealth investors by sharing our investment expertise . Our investment platforms feature a broad range of strengths spanning private and public markets that suit Asian investors . From our real asset expertise in infrastructure, natural capital and real estate to our differentiated credit strategies, both public and private, our teams in public equities across global, Canadian and growth markets have all found client engagement across Asia . Our established investment footprint in Asia, spanning over 20 years, is underpinned by our seasoned, cycle-tested teams and our extensive experience across various credit strategies . A prime example of the effectiveness of our solutions is our Australia and New Zealand real estate debt strategy, which has consistently delivered monthly positive returns since its inception . This success not only demonstrates our capabilities but also lays a solid groundwork for further expansion . In 2024, we have already continued to bolster our strategic focus on the Japanese market with the appointment of a new Managing Director, Head of Japan, to further commit to our existing clients in the region and demonstrate a dedication to this market following the ongoing rollout of our new regionalized distribution model . As we move forward, Fiera Capital Asia remains dedicated to delivering tailored investment solutions and superior service to our clients, propelling growth and success in the dynamic Asian market . FIERA CAPITAL ANNUAL REPORT 2023Leadership Team 47 Jean-Guy Desjardins Chairman of the Board and Global Chief Executive Officer Gabriel Castiglio Executive Director, Global Chief Legal Officer and Corporate Secretary Maxime Ménard President and Chief Executive Officer, Fiera Canada and Global Private Wealth Jean Michel Executive Director, President and Chief Investment Officer of Fiera Public Markets Lucas Pontillo Executive Director, Global Chief Financial Officer John Valentini Executive Director, President and Chief Executive Officer of Fiera Private Markets Robert Petty Executive Director and Chief Executive Officer, Fiera Asia Eric Roberts Executive Director and Chief Executive Officer, Fiera USA Klaus Schuster Executive Director and Chief Executive Officer, Fiera EMEA (Europe, Middle East and Africa) FIERA CAPITAL ANNUAL REPORT 202348 Board of Directors Directors currently on Fiera Capital’s Board of Directors, elected by the holders of Class A subordinate voting shares Directors currently on Fiera Capital’s Board of Directors, elected by the holder of Class B special voting shares Annick Charbonneau Co-founder and Managing Partner at Accelia Capital John Braive Corporate Director Gary Collins Corporate Director François Olivier Corporate Director Jean-Guy Desjardins Chairman of the Board and Global Chief Executive Officer of Fiera Capital Lucie Martel Corporate Director Guy Masson Lawyer and President of RGM Legal Inc. Jean C. Monty Director of DJM Capital and Corporate Director Norman M. Steinberg Vice-Chair of BFL Canada FIERA CAPITAL ANNUAL REPORT 202349 Head Office +1 514 954-3300 1981 McGill College Avenue Suite 1500 Montreal, Quebec, Canada H3A 0H5 +1 800 361-3499 (toll free) +1 514 954-9692 (fax) info@fieracapital.com fiera.com Corporate Information Transfer Agent and Registrar for Fiera Capital Class A subordinate voting shares Auditor Deloitte LLP Computershare Investor Services Inc. Stock Exchange Listing • Fiera Capital’s Class A subordinate voting shares are listed on the TSX under the symbol FSZ . • Fiera Capital’s 8 .25% senior subordinated unsecured debentures due on December 31, 2026 are listed on the TSX under the symbol FSZ .DB .B . Annual General and Special Meeting of Shareholders May 23, 2024 10:00 a .m . (EDT) In person only Centre Mont-Royal 2200 Mansfield Street Montreal, Quebec H3A 3R8 100 University Avenue 8th Floor Toronto, Ontario, Canada M5J 2Y1 1 800 564-6253 (toll free Canada and United States) 1 514 982-7555 (international direct dial) computershare.com Transfer Agent and Registrar for Fiera Capital Debentures and Indentures Trustee Computershare Trust Company of Canada 650 de Maisonneuve Blvd . West 7th Floor Montreal, Quebec, Canada H3A 3T2 1 514 982-7888 FIERA CAPITAL ANNUAL REPORT 2023 50 Management’s Discussion and Analysis and Consolidated Financial Statements Management’s Discussion and Analysis for the fourth quarter and fiscal year ended December 31, 2023 Read the PDF > Consolidated Financial Statements for the years ended December 31, 2023 and 2022 Read the PDF > FIERA CAPITAL ANNUAL REPORT 202351 A number of important factors, many of which are beyond Fiera Capital’s and/or its affiliates’ control, could cause actual events or results to differ materially from the predictions, forecasts, projections, expectations, or conclusions expressed in such forward-looking statements . When relying on forward-looking statements in this document and any other disclosure made by Fiera Capital and/or its affiliates, investors and others should carefully consider these factors, other uncertainties and potential events . For additional information with respect to certain of these risk factors, please refer to the Fiera Capital’s Annual Information Form for the year ended December 31, 2023, under the heading “Risk Factors and Uncertainties” and other continuous disclosure materials filed from time to time by Fiera Capital with applicable securities regulatory authorities, which are all available on SEDAR+ at www .sedarplus .ca . All forward-looking information included in this document is given as of the date of this document . Fiera Capital does not undertake to update or revise any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf in order to reflect new information, future events or circumstances or otherwise, except as required by applicable laws . Forward-Looking Statements This document contains forward-looking statements relating to future events or future performance and reflecting management’s expectations or beliefs regarding future events including business and economic conditions, outlook and trends and Fiera Capital’s and/or its affiliates’ growth, results of operations, performance, business prospects and opportunities and new initiatives, including initiatives that pertain to sustainability . Forward-looking statements may include comments with respect to Fiera Capital’s and/or its affiliates’ objectives, strategies to achieve those objectives, expected financial results, and the outlook for Fiera Capital’s businesses and for the Canadian, American, European, Asian and other global economies . Such statements reflect management’s current beliefs and are based on factors and assumptions it considers to be reasonable based on information currently available to management and may typically be identified by terminology such as “believe”, “expect”, “aim”, “goal”, “plan”, “anticipate”, “estimate”, “may increase”, “may fluctuate”, “predict”, “potential”, “foresee”, “forecast”, “project”, “continue”, “target”, “intend” or the negative of these terms or other comparable terminology and similar expressions of future or conditional verbs, such as “may”, “will”, “should”, “would” and “could” . By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions, forecasts, projections, expectations or conclusions will not prove to be accurate . As a result, Fiera Capital and its affiliates do not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements . FIERA CAPITAL ANNUAL REPORT 202352 Important Disclosures Fiera Capital Corporation is a global asset management firm with affiliates in various jurisdictions (collectively, “Fiera Capital”) . The information and opinions expressed herein are provided for informational purposes only . It is subject to change and should not be relied upon as the basis of any investment or disposition decisions . While not exhaustive in nature, these Important Disclosures provide important information about Fiera Capital and its services and are intended to be read and understood in association with all materials available on Fiera Capital’s websites . Past performance is no guarantee of future results . All investments pose the risk of loss and there is no guarantee that any of the benefits expressed herein will be achieved or realized . Valuations and returns are computed and stated in Canadian dollars, unless otherwise noted . The information provided herein does not constitute investment advice and should not be relied on as such . It should not be considered a solicitation to buy or an offer to sell any security or other financial instrument . It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon . There is no representation or warranty as to the current accuracy of, or responsibility for, decisions based on such information . Any opinions expressed herein reflect a judgment at the date of publication and are subject to change at any point without notice . Although statements of fact and data contained in this presentation have been obtained from, and are based upon, sources that Fiera Capital believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed . No liability will be accepted for any direct, indirect, incidental or consequential loss or damage of any kind arising out of the use of all or any of this material . Any charts, graphs, and descriptions of investment and market history and performance contained herein are not a representation that such history or performance will continue in the future or that any investment scenario or performance will even be similar to such chart, graph, or description . Any charts and graphs contained herein are provided as illustrations only and are not intended to be used to assist the recipient in determining which securities to buy or sell, or when to buy or sell securities . Any investment described herein is an example only and is not a representation that the same or even similar investment scenario will arise in the future or that investments made will be as profitable as this example or will not result in a loss . All returns are purely historical, are no indication of future performance and are subject to adjustment . Each entity of Fiera Capital only provides investment advisory services or offers investment funds only in those jurisdictions where such entity and/or the relevant product is registered or authorized to provide such services pursuant to an applicable exemption from such registration . Thus, certain products, services, and information related thereto provided in the materials may not be available to residents of certain jurisdictions . Please consult the specific disclosures relating to the products or services in question for further information regarding the legal requirements (including any offering restrictions) applicable to your jurisdiction . For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www .fieracapital .com/en/ registrations-and-exemptions . FIERA CAPITAL ANNUAL REPORT 2023Contact Us North America Montreal Toronto Europe London Asia Isle of Man Hong Kong Fiera Capital Corporation Fiera Capital Corporation Fiera Capital (UK) Limited Fiera Capital (IOM) Limited 1981 McGill College Avenue Suite 1500 Montreal, Quebec H3A 0H5 Canada + 1 800 361-3499 200 Bay Street, South Tower Suite 3800 Toronto, Ontario M5J 2J1 Canada + 1 800 994-9002 3rd Floor Queensberry House 3 Old Burlington Street London, W1S 3AE United Kingdom + 44 20 7518 2100 St Mary’s Court 20 Hill Street Isle of Man, IM1 1EU + 44 1624 640200 Fiera Capital (Asia) Hong Kong Limited Suite 3205 No . 9 Queen’s Road Central Hong Kong + 852 3713 4800 Calgary New York Frankfurt Zurich Singapore Fiera Capital Corporation Fiera Capital Inc. 607 8th Avenue SW Suite 300 Calgary, Alberta T2P 0A7 Canada + 1 403 699-9000 375 Park Avenue 8th Floor New York, New York 10152 United States + 1 212 300-1600 Fiera Capital (Germany) GmbH Fiera Capital (Switzerland) GmbH Fiera Capital (Asia) Singapore Pte. Ltd. 16th Floor Bockenheimer Landstraße 2-4 60306 Frankfurt am Main Germany + 49 69 9202 0750 Bahnhofplatz 1 8001 Zurich Switzerland 6 Temasek Boulevard #38-03 Suntec Tower 4 Singapore 038986 Boston Dayton The Hague Fiera Capital Inc. Fiera Capital Inc. One Lewis Wharf 3rd Floor Boston, MA 02110 United States + 1 857 264-4900 10050 Innovation Drive Suite 120 Dayton, Ohio 45342 United States + 1 937 847-9100 Fiera Capital (Germany) GmbH, Netherlands Branch Red Elephant Building Room 1 .56 Zuid-Hollandlaan 7 2596 AL, The Hague Netherlands info@fieracapital.com Abu Dhabi Fiera Capital (UK) Limited Level 7 Unit 29 Al Maryah Tower ADGM Square Al Maryah Island Abu Dhabi, United Arab Emirates fiera.com

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