Fiera Capital、Clearwater Capital Partnersを買収しアジアで基盤広げる

AsiaNet 72510 （0401）

【モントリオール、香港2018年3月1日PR Newswire＝共同通信JBN】

＊取引は既存の一連のプライベート代替投資戦略を補完する。

Fiera Capital Corporation（「Fiera Capital」もしくは「同社」）（TSX: FSZ）は1日、アジアを対象とする大手クレジットおよびスペシャルシチュエーション投資会社であるClearwater Capital Partners,LLC（「Clearwater」）を買収する正式契約に署名したと発表した。香港を本社とするClearwaterは株式非公開で従業員保有の資産管理会社で、運用資産は14億ドル。Clearwaterの資産はFiera Capitalのプライベート・オルタナティブ・インベストメンツ部門に加わり、Fiera Capitalの既存の一連のプライベート代替投資戦略を補完し、アジア太平洋地域全体のオフィスとチームによって幅広い投資経験と深みが追加される。

Logo - （https://mma.prnewswire.com/media/648256/Fiera_Capital_Corporation_Fiera_Capital_Expands_Presence_in_Asia.jpg ）

Fiera Capitalのグローバル・プレジデント兼最高執行責任者（COO）のビンセント・デュアメル氏は「この取引でFiera Capitalのアジア太平洋での足場が築かれ、アジアの民間の信用市場に参入する貴重な機会になる。Clearwaterのアジアでの深い投資経験とFiera Capitalのグローバルな流通力が合体すると、クレジットおよびスペシャルシチュエーション全域へ投資するクライアントからの高まる需要に応えるわれわれの能力が強化される」と語る。

Fiera Capitalで執行副社長とグローバル最高財務責任者（CFO）、プライベート・オルタナティブ・インベストメンツ部門の社長を兼任するジョン・バレンティーニ氏は「クレジットおよびスペシャルシチュエーションの大手企業としてのClearwaterが、強力な素養のそろった上級指導者チームとともにFiera Capitalへやってくる。チームは今のプライベート・オルタナティブ・インベストメンツ部門の豊富な人材を強化し、成長を促進し、クライアントへ強化された一連のプライベートマーケット戦略を届けるための確立したプラットフォームを提供する。16年にわたる堅実なパフォーマンスの実績を持つClearwaterチームは、今日50兆ドルの投資機会の業界であるアジアのクレジット領域で確実な存在感を持っている」と付け加えた。

Clearwaterはアジア太平洋と米国（香港、シンガポール、ソウル、ムンバイ、コネティカット）に5カ所のオフィスを構えて営業し、直接融資、ストレスド・クレジット、デストレスド・スペシャルシチュエーションの3種類の中核プライベート・クレジット投資戦略を専門にしている。2001年の創業以来Clearwaterは352件のポジションに51億ドルを投資し、315件、58億ドルの取引を完全実現して処分した（2017年12月31日現在、推定額）。ロバート・ペティ氏とアミット・グプタ氏の両共同CEO兼共同投資責任者（CIO）が引き続きClearwaterを率いる。

Clearwater Capital Partners共同創業したロバート・ペティ氏とアミット・グプタ氏は「われわれのビジネスのこの新しい時代の幕開けを、とても喜んでいる。Fiera Capitalとの提携によってわが社は、グローバルネットワークの力を活用し、世界中のクライアントに傑出したリターンとソリューションを届け続けられる。われわれが誇りを持って選んだパートナーは、われわれの投資独立性をサポートし、われわれのビジネスの全域で最高の人材を育成しつつ、わが社の社風と起業精神、多彩なポートフォリオを作成するリスク調整アプローチを称賛している。Fiera Capitalとの合併はビジネス成長への明瞭な新しい一歩であり、世界中のさらに多いクライアントに対して、利益性の高い革新的な代替投資ソリューションを提供し続けられる」と述べた。

取引に関係して終了の際に支払われる合計金額は2100万ドルだが、さまざまな調整が加えられる。Fiera Capitalは取引完了の際に、そうした調整を経て現金で1200万ドルを支払い、Fiera CapitalのクラスA下位議決権付き株式を900万ドル発行する。追加の不確定支払金とアーンアウト対価は最高4400万ドルで、金融事業の達成度合いに基づいて5年間にわたって支払われる。買収は2019年の利益をわずかに押し上げると予想される。

Fiera Capitalが取引完了時に売り手に発行するクラスA下位議決権付き株式は、1株当たり価格がトロント証券取引所での30日間集合出来高加重平均価格で、その30日間は取引完了の2日前の全日取引日までの連続する30日間の取引日の期間とする。Fiera Capitalが取引完了時に売り手にアーンアウト対価として発行する場合のクラスA下位議決権付き株式は、1株当たり価格がトロント証券取引所での5日間集合出来高加重平均価格で、その5日間は取引完了2日前の全日取引日までの連続する5日間の取引日の期間とする。

買収は今後数カ月で完了すると予想されるが、適用される規制当局の承認とトロント証券取引所の承認を含む通常の手続きに従う。

▽Clearwater Capital Partnersについて

Clearwaterは日本を除くアジア全域でクレジットおよびスペシャルシチュエーションに投資するため、2001年12月に創業した投資会社。Clearwaterは創業以来アジア地域に51億ドルを投資し、現在は投資手段を通して約14億ドルの資産を運用している。Clearwaterの多方面に対応できるチームはアジアと米国の5つの主要事務所に駐在している。詳しい情報はhttps://www.clearwatercapitalpartners.com を参照。

▽Fiera Capital Corporationについて

Fiera Capitalは2017年12月31日時点で約1289億カナダドルの資産を運用する大手独立系資産運用会社。機関、個人、富裕層のクライアントに対し、伝統的および代替アセットクラスのフルサービス統合資金管理ソリューションへのアクセスを提供している。クライアントとそのポートフォリオは、Fiera Capitalの深い専門知識や多様な提供、優れたサービスから利益を得ている。Fiera Capitalはトロント証券取引所で「FSZ」のシンボルで取引されている。https://www.fieracapital.com 。

米国での資産運用サービスは同社の米子会社から提供される。その投資アドバイザーは米証券委員会（SEC）に登録しているが、その登録が一定水準のスキルや研修を意味するものではない。

年次報国フォームを含むFiera Capital Corporationについての追加的情報は、SEDAR（https://www.sedar.com ）を参照。

さらなる情報は:

北米:

Daniel Richard

Senior Vice President, Corporate Communications and Investor Relations

Fiera Capital Corporation

+1 514-954-6456

drichard@fieracapital.com

アジア太平洋:

Angela Hui

Edelman

+852 2837 4721

angela.hui@edelman.com

ソース：Fiera Capital Corporation

Fiera Capital Expands Presence in Asia with Acquisition of Clearwater Capital Partners

PR72510

MONTREAL and HONG KONG, Mar. 2, 2018 /PRNewswire=KYODO JBN/ --

-- Transaction Complements Existing Suite of Private Alternative Investment

Strategies

Fiera Capital Corporation ("Fiera Capital" or the "Firm") (TSX: FSZ), announced

today that it signed a definitive agreement to acquire Clearwater Capital

Partners, LLC ("Clearwater"), a leading Asia focused credit and special

situations investment firm. Headquartered in Hong Kong, Clearwater is a

privately held employee-owned asset manager with US$1.4 billion in assets under

management. Clearwater's assets will be added to Fiera Capital's Private

Alternative Investments division, complementing the Firm's existing suite of

private alternative investment strategies and adding extensive investment

experience and depth through offices and teams across the Asia-Pacific region.

Logo – (

https://mma.prnewswire.com/media/648256/Fiera_Capital_Corporation_Fiera_Capital_Expands_Presence_in_Asia.jpg

)

"The transaction establishes Fiera Capital's Asia-Pacific footprint and

provides a rare opportunity to gain entry to the Asian private credit market,"

said Vincent Duhamel, Global President and Chief Operating Officer of Fiera

Capital. "Combining Clearwater's deep investment experience in Asia with Fiera

Capital's global distribution capabilities enhances our ability to meet the

growing demand from clients for a full spectrum of investments in credit and

special situations."

John Valentini, Executive Vice President, Global Chief Financial Officer and

President, Private Alternative Investments division of Fiera Capital, added,

"As a leading firm in credit and special situations, Clearwater comes to Fiera

Capital with a strong, culturally aligned senior leadership team that will add

to the bench strength of our existing Private Alternative Investments division

and provide an established platform to boost the growth and distribution of an

enhanced suite of private markets strategies to clients.  With a 16-year track

record of solid performance, the Clearwater team has an established presence in

the Asia credit space, an industry which today represents US$50 trillion in

investment opportunities."  

Clearwater operates in five offices across Asia-Pacific and the United States

(Hong Kong, Singapore, Seoul, Mumbai and Connecticut) and specializes in three

core private credit investment strategies: direct lending, stressed credit and

distressed and special situations. From its founding in 2001, Clearwater has

invested US$5.1 billion over 352 positions and exited US$5.8 billion across 315

fully realized deals since inception (December 31, 2017E). Robert Petty and

Amit Gupta will continue to lead Clearwater as Co-CEOs and Co-CIOs.

"We are very excited to begin this new chapter in our business. Our partnership

with Fiera Capital allows us to leverage the strength of a global network to

continue delivering outstanding returns and solutions to clients worldwide,"

said Robert Petty and Amit Gupta, co-founders of Clearwater Capital Partners.

"We are proud to choose a partner that supports our investment independence,

and also celebrates our culture, entrepreneurship, risk adjusted approach to

building diversified portfolios while mentoring best-in-class talent across our

business. Joining Fiera Capital is the clear next step to grow our business and

continue to provide profitable and innovative alternative investment solutions

to even more clients around the world."

The aggregate consideration paid at closing in connection with the transaction

will be US$21 million, subject to various adjustments. At closing, subject to

such adjustments, Fiera Capital will pay US$12 million in cash and will issue

US$9 million in Fiera Capital Class A subordinate voting shares. Additional

contingent payment and earnout considerations of up to US$44 million will be

paid over five years based on the achievement of financial milestones. The

acquisition is expected to be slightly accretive to earnings in 2019.

The Class A subordinate voting shares will be issued by Fiera Capital to the

sellers at closing at a price per share equal to the thirty (30) day aggregate

volume-weighted average per share price on the Toronto Stock Exchange for the

period of the thirty (30) consecutive trading days ending on the second-to-last

full trading day prior to the closing. Any Class A subordinate voting shares to

be issued by Fiera Capital to the sellers as earnout consideration will be at a

price per share equal to the five (5) day aggregate volume-weighted average per

share price on the Toronto Stock Exchange for the period of the five (5)

consecutive trading days ending on the second-to-last full trading day prior to

the closing.

The acquisition, expected to close over the coming months, is subject to

customary conditions, including applicable regulatory approvals and approval of

the Toronto Stock Exchange.

Forward-Looking Statements

This announcement contains forward-looking statements. Past performance is no

guarantee of future results.  All investments pose the risk of loss. Fiera

Capital considers any statements that are not historical facts to be

"forward-looking statements". Without limitation, any statements preceded or

followed by or that include the words "targets", "plans", "believes",

"expects", "aims", "intends", "will", "may", "anticipates", "estimates",

"projects" or words or terms of similar substance or the negative thereof,

identify forward-looking statements. These forward-looking statements involve a

number of risks and uncertainties that could cause actual results to differ

materially from those suggested by them.

With respect to management expectations regarding accretion resulting from this

transaction in 2019, financial performance is based on information available to

management and certain assumptions, including the accuracy of Clearwater's

financial statements, the level of client assets under management with

Clearwater following the acquisition, as well as assumptions regarding the

growth in Clearwater's assets under management and realization of synergies.

Actual results could differ depending on a number of factors, including the

ability to retain key personnel following the acquisition, the ability to

retain clients and assets under management following the acquisition, general

market conditions and currency fluctuations.

By their very nature, forward-looking statements involve inherent risks and

uncertainties, both general and specific, and a number of factors could cause

actual events or results to differ materially from the results discussed in the

forward-looking statements. In evaluating these statements, readers should

specifically consider various factors that may cause actual results to differ

materially from any forward-looking statement. These factors include, but are

not limited to, market and general economic conditions, the nature of the

financial services industry, and the risks and uncertainties detailed from time

to time in Fiera Capital's interim and annual consolidated financial

statements, and its Annual Report and Annual Information Form filed on

www.sedar.com. These forward-looking statements are made as of the date of this

document, and Fiera Capital assumes no obligation to update or revise them to

reflect new events or circumstances.

About Clearwater Capital Partners

Clearwater is an investment firm founded in December 2001 to invest in credit

and special situations across Asia, excluding Japan. Since inception,

Clearwater has invested US$5.1 billion in the Asian region and currently

manages approximately US$1.4 billion in assets across its investment vehicles.

Clearwater's multi-disciplinary team is based in five primary offices in Asia

and the United States. For more information, please visit:

https://www.clearwatercapitalpartners.com  

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with approximately

C$128.9 billion in assets under management as of December 31, 2017. The Firm

provides institutional, retail and private wealth clients with access to

full-service integrated money management solutions across traditional and

alternative asset classes. Clients and their portfolios derive benefit from

Fiera Capital's depth of expertise, diversified offerings and outstanding

service. Fiera Capital trades under the ticker FSZ on the Toronto Stock

Exchange. https://www.fieracapital.com

In the U.S., asset management services are provided by the Firm's U.S.

affiliates who are investment advisers that are registered with the U.S.

Securities and Exchange Commission (SEC). Registration with the SEC does not

imply a certain level of skill or training.

Additional information about Fiera Capital Corporation, including the Firm's

annual information form, is available on SEDAR at https://www.sedar.com.

For further information:

North America:

Daniel Richard

Senior Vice President, Corporate Communications and Investor Relations

Fiera Capital Corporation

+1 514-954-6456

drichard@fieracapital.com

Asia-Pacific:

Angela Hui

Edelman

+852 2837 4721

angela.hui@edelman.com

SOURCE: Fiera Capital Corporation