World News: 12:30 GMT Wednesday 15th May 2019. [Foresters Financial via Globe Newswire via SPi World News]
TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- Foresters Financial has entered into a definitive agreement with Fiera Capital Corporation (“Fiera Capital”) under which it will sell the outstanding shares of Foresters’ Canadian asset management business, Foresters Asset Management Inc. (“Foresters Asset Management”) to Fiera Capital.
This transaction is aligned with Foresters’ strategic plan to continue to focus on and invest in its core life insurance business. It follows the organization’s , including First Investors mutual funds and its U.S. broker dealer and advisory business.
Going forward, Foresters expects to have a long-term relationship with Fiera Capital as Fiera Capital will continue to manage a portion of Foresters’ assets.
Jim Boyle, President and Chief Executive Officer of Foresters Financial, said, “This transaction is the natural evolution of executing on our 5-year strategic plan. It puts us in a position of strength as we focus on streamlining and optimizing life insurance products for middle-market families, a largely underserved and underinsured group in both Canada and the U.S.”
“We are excited to partner with Foresters Asset Management’s clients to provide leading-edge solutions to achieve their financial, regulatory and capital objectives,” said Jean-Philippe Lemay, President and Chief Operating Officer of Fiera Capital's Canadian Division. “The combination of Foresters Asset Management with Fiera Capital will enhance our leading Canadian institutional fixed income capabilities and amplify our suite of Liability Driven Investing (LDI) strategies focused on insurance clients.”
Fiera will be merging the Foresters Asset Management business into its existing Canadian operations. The transaction is subject to regulatory and unitholder approvals and is expected to close in the third quarter of 2019. The terms of the transaction were not disclosed.
Foresters Financial was advised by RBC Capital Markets and Fasken Martineau DuMoulin LLP.
1. The A.M. Best rating assigned on August 2, 2018 reflects the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) but does not apply to the performance of any non-IOF issued products. An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest rating.
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 .
Greg Hubert Foresters Financial 416-429-3000 Ext: 4044
Daniel Richard Fiera Capital Corporation 514 954-6456
Globe Newswire: 12:30 GMT Wednesday 15th May 2019
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