Executive Chairman
of the Board Letter

Evolving Fiera Capital to become a global asset management firm requires that we stay, unwaveringly, at the forefront of the investment science. This is why our greatest competitive advantage remains our people. It is their tenacity and their grasp of the latest in the investment science that will allow us to achieve our ambitions and become more efficient allocators of capital.

It is the primary role of financial markets and investment management to efficiently allocate capital into the economic system. When I started in this business, capital markets were reasonably good at it. Today, 50 years on, they are much more efficient, having incorporated new thinking and strategies into the investment science, which continues to drive that efficiency further. Importantly, greater capital allocation efficiency not only leads to greater productivity, growth and prosperity, but also to greater socially responsible and environmental outcomes. Considering the long term ESG impact of our investment decisions just as importantly as their financial returns allows us to foster sustainable prosperity for all our stakeholders.

With this in mind, we have penned a ten-year vision for Fiera Capital, as well as a comprehensive three-year strategic plan that clearly articulates how we will achieve our next phase of success. Staying at the forefront of the investment science will be key to achieving this ambition, just as it was in 2009 when we began our expansion into private markets. We believed then, as we know now, that these strategies would fundamentally improve the risk-reward efficiency of our clients’ portfolios, enabling us to effectively serve our clients’ needs and deliver on their desired outcomes.

When I started Fiera Capital almost two decades ago, the capabilities and possibilities of investment management today would have seemed like only a dream. Yet, I recognize that our future is one of further optimization, improvement, and progress in the pursuit of even greater capital allocation efficiency. I can only imagine how this industry will develop over the next twenty-five years or the next fifty years. However, I am confident that our new leadership and strategic vision will enable us to build a prominent place for Fiera Capital in that future.

Since joining the firm in 2012, Jean-Philippe Lemay has been instrumental in the realization of our global vision and strategy. He embodies the core values that have enabled our success, and I truly believe that, under his guidance as Global President and Chief Executive Officer, Fiera Capital will reach new heights. The Board and I have the utmost confidence in his ability to successfully lead Fiera Capital in the years to come, and I look forward to continuing to work closely with him.

As Executive Chairman of the Board, I will continue to provide leadership and direction to the Board and facilitate its deliberations, while also having oversight responsibility for Fiera Capital’s strategy.

It is with immense pride that I look back on my time leading Fiera Capital. However, as always, we keep our sights set on the future. My optimism and excitement have never been higher.

On behalf of the Board, I would like to express my deepest gratitude to our teams around the globe, to Jean-Philippe for his leadership and to our Global Management Committee members for their exceptional contributions.