May 20, 2022

The Queens County Citizen

Complete Canadian News World

Fierra Capital will dissolve two American companies

Fierra Capital will dissolve two American companies

Fierra Capital will start the year with a slimming cure by selling two companies based in the United States for $ 81 million.

First, the Montreal financial institution is laying off California-based Bell Air Investment Advisers at Hightower Advisors, a leading investment adviser in the United States. It is a relief from this private management platform intended for the very affluent people.

In addition, it left Wilkinson Global Asset Management (WGAM), a New York City-based private management investment specialist. Wilkinson Global Capital Partners LLC will become the new owner under the negotiated purchase option in 2018.

“After an in-depth strategic analysis of our private management operations in the United States and in light of the evolution of our private management business model, we have chosen to sell both companies, Bel Air and WGAM. Said in a press release.

The Quebec company believes that these two American companies will operate more efficiently after the sale.

“The transactions announced today will enable us to better coordinate our regional platforms in the field of private management and transform into a globally integrated model,” said Jean-Philippe Leme, President and CEO of Global Operations at Fierra Capital.

Bell Air and WGM reported revenue of $ 74.3 million for fiscal year 2020, ending Sept. 30. The two companies then had assets under management of about Rs 4 14.4 billion.

Despite these sales, Fierra Capital continues to be a sub-consultant with approximately $ 1.1 billion for the two companies.