Fiera Capital Annual Report 2023

FY2023 Annual Report · Fiera Capital

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Annual
Report
2023

Table of Contents

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

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 .

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

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:

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

cities and

countries

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 .

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

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

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 .

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

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 .

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

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

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

42%

58%

25%

75%

25%

75%

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%

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 .

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.

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.

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 .

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 .

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 .

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 .

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 .

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 .

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

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 .

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 .

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:

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

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 (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.

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