Investing
Fiera Sinks 11% as Rizk’s Exit Leads to $4 Billion Outflow
- Canoe Financial will stop using Fiera on several strategies
- More than C$13 billion has left Fiera to stay with PineStone
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Canadian asset manager Fiera Capital Corp. is losing a C$5.5 billion ($4 billion) mandate as another fund manager ends an advisory deal with the firm. The shares tumbled.
Fiera announced Friday that Canoe Financial LP will end an arrangement that involves both Fiera and PineStone Asset Management, a firm run by Nadim Rizk, formerly a star money manager at Fiera.