Canada-based Fiera Capital has agreed to buy Bel Air Investment Advisors, a Los Angeles-based wealth management firm and, separately, Wilkinson O’Grady & Co, a New York-based asset manager for approximately US$156.25 million as part of its strategy to expand into the US market.

According to Fiera Capital, the agreement to purchase Bel Air Investment Advisors, including its affiliate Bel Air Securities and Wilkinson O’Grady will add C$8.5 billion (US$8.07 billion) in assets under management (AUM) to its private wealth segment.
The Bel Air brand will be operated under Fiera Capital Private Wealth North American (FCPWNA)’s division and will be led by Todd Morgan, senior managing partner of Bel Air, who will become chairman of FCPWNA.

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Wilkinson O’Grady will be acquired for an aggregate purchase price of US$31.25 million consisting of US$29.7 million in cash and US$1.6 million worth of Fiera Class A subordinate voting shares.

As part of the transactions, key employees of Wilkinson O’Grady will join the Fiera team under long-term employment agreements.

The transactions are subject to customary conditions, including applicable regulatory approvals, including the Toronto Stock Exchange, and are expected to close on or about 31 October 2013.

Commenting on the agreement, Fiera chairman and CEO, Jean-Guy Desjardins, said: "We see tremendous growth potential in the US private wealth market and these transactions fit perfectly with our plan to create value by becoming a leading North American investment management firm within the next five years.

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"Increasing our assets under management by C$8.5 billion to approximately C$74 billion, these acquisitions enhance our North American footprint and add depth to our investment and servicing teams," Desjardins added.