Fiera Capital Corporation

Good morning and welcome to FIERA Capital's earnings call to discuss financial results for the third quarter of 2025. I will now turn the conference over to Natalie Medak, Director, Investor Relations. You may begin your conference.

Thank you and good morning, everyone. Welcome to the FIERA Capital conference call to discuss our financial results for the third quarter of 2025. A copy of today's presentation can be found in the Investor Relations section of our website. Comments made on today's call, including replies to certain questions, may deal with forward-looking statements which are subject to risks and uncertainties that may cause actual results to differ from expectations. Please refer to the forward-looking statements on page two of the presentation. Our speakers today are Maxime Menard, Global President and CEO, and Lucas Pontillo, Executive Director, Global CFO, and Head of Corporate Strategy. Also available to answer questions will be John Valentini, President and CEO, Private Markets. With that, I will now turn the call over to Matthew.

Good morning, everyone. Thank you for joining us today. We are pleased with our operating and financial results for the third quarter of 2025. Total assets under management increased 4% to end the quarter at $166.9 billion, supported by market appreciation and total net organic growth of $900 million. Within our public market platform, assets under management reach $145 billion at the end of the third quarter, up 3.9% from the end of Q2, reflecting market growth and positive net flows. And assets in our private market platform ended the third quarter at $22 billion, up 5.3% from the end of the prior quarter, reflecting strong net inflows of approximately $850 million, along with market growth. I will now turn to highlights of our commercial and investment performance across our asset classes, starting with our public market platform. Total net organic growth was $55 million during the quarter. We secured new mandates of close to $500 million, primarily into our U.S. growth equity strategy and positive net contribution from non-subadvised AUM of close to $400 million, mostly across a mix of our equity and fixed income strategies. This was largely offset by outflows of approximately $700 million from subadvised strategies. During the quarter, we announced an extension of our partnership with Wellington Altus with the launch of our Canadian corporate bond plus, an investment fund focused primarily on Canadian corporate bonds and exclusively available for purchase by Wellington Altus Advisors. This mandate joins the Canadian High Convictions Equity Strategy, which was announced in the prior quarter. Both mandates are expected to fund over time, but carry strong growth potential. Turning to investment performance in public markets. Our fixed income strategies continue to perform well in the third quarter, with nearly all strategies adding value. Approximately 86% of our fixed income AUM have outperformed their benchmark over the one-year period, and 97% have outperformed over five years. We are pleased to report that Fiera Capital was recognized as Fixed Income Manager of the Year at the European Awards 2025. This recognition reflects the strength of our fixed income platform, along with our leadership and longstanding expertise in the insurance investment space. Among our equity strategies, outperformance relative to benchmark was challenged during the quarter. Although equity markets delivered solid gains during the third quarter, relative outperformance of a select group of companies continue to create a challenging environment for generating alpha. Year-to-date, our Canadian equity strategy delivered positive returns, but performance relative to benchmark during the third quarter was impacted by softness in select high conviction holdings and limited exposure to outperforming sectors like materials and energy. Nevertheless, the strategy continues to add value since inception. Returns on our U.S. equity core and Atlas Global Companies strategies were also positive for the quarter and year-to-date. However, outperformance relative to benchmark was affected by security selection within a few key sectors. Both strategies continued to outperform since inception. Our international all-cap ADR strategy remained a highlight, outperforming its benchmark by close to 50 basis points in the quarter and 500 basis points for the one-year period, led by strong selection in healthcare. Among our sub-advised strategies, the global equity strategies perform in line with its benchmark. However, U.S. and international equity were impacted by security selections in financials and industrials and limited exposure to index leaders. Despite short-term challenges, each strategy continues to outperform its benchmark since inception. Turning to our private market platform. Net organic growth was approximately $850 million for the quarter, driven by new subscription of more than $900 million. As we announced during the quarter, we receive an initial investment of approximately $800 million from the Canadian District of the United Brotherhood of Carpenters and Joiners of Americas into the newly launched Canadian Built Opportunities Fund. The initial commitment is divided equally between infrastructure and real estate investments and aims to reach over $1 billion in assets within three years. The fund has a dual mandate of generating attractive risk-adjusted returns on capital and supporting jobs for union members and is a testament to our ability to design and deliver high-impact customized investment solutions. During the quarter, we returned capital of approximately $150 million to investors in our private market strategies. And year-to-date, we have returned capital of more than $500 million. We also deployed approximately $400 million of capital into new projects during the third quarter and $1.5 billion year-to-date. Our pipeline of undeployed committed capital increased to $2.1 billion from $1.3 billion at the end of Q2, reflecting the initial investment into the Canadian Built Opportunity Fund during the quarter. In September, we announced that we made changes to our global infrastructure capabilities to broaden the range of strategies available to institutional investors and strengthen the execution risk and oversight. After a careful and deliberate process, we appointed Bruno Guilmette as Global Head of Infrastructure. Bruno oversees both our infrastructure equity and debt capabilities, which manage approximately $5.5 billion in assets and are supported by a team of more than 30 professionals across key global markets. Bruno brings more than 25 years of experience leading large infrastructure platforms and has held senior investment and governance positions in several public sector institutions, including Canada Infrastructure Bank, TSP, and CDPQ. Moving on to investment performance, our private market strategies continue to deliver steady investment performance with key strategies generating positive returns in the third quarter and absolute returns of 5% to 10% over the one-year period. Private credit strategies in particular performed well in the quarter. Our infrastructure debt fund returned 2.6% in Q3, and produce an internal rate of return of more than 11% since inception. The team completed two investment during the quarter and is on track to complete its remaining capital commitment by late 2025 or early 2026. Our direct lending opportunities fund also returned 2.6% for the quarter and more than 10% over the one year period. The team has tightened underwriting standards keeping leverage at conservative levels to ensure borrowers have an adequate flexibility. Our global private equity strategy delivered a solid return of 2.1% in the third quarter, supported by earnings growth and free cash flow generations across core portfolio companies. Lastly, our global agriculture strategy returned 1.5% in the Q3, as strong operating results were tempered by challenging commodity environments. Turning to private wealth, assets under management of $14 billion at the end of the third quarter increased 2% from the end of Q2. The quarter was impacted by negative net contribution largely out of treasuries and sub-advised strategies. We continue to view the private wealth business as highly complementary to our public and private market platforms and remain committed to driving sales growth within this key channel. With that, I will turn it over to Lucas for a review of our financial performance.