12:14 PM EST, 02/26/2025 (MT Newswires) -- (Updates shares.)

Fiera Capital ( FRRPF ) reported on Wednesday lower adjusted earnings for the fourth quarter that fell short of analyst expectations.

The asset management firm booked adjusted earnings, excluding most one-time items, of $22.8 million, or $0.21 per share, below the FactSet analyst consensus estimate of $0.38 and down from $50.2 million, or $0.47, recorded a year ago.

"2024 was a strong year for financial markets with investors spending much of the year focused on a soft economic landing and aggressive rate cuts," said Jean-Guy Desjardins, Fiera's chair of the board and global CEO.

Assets under management (AUM) totaled an average of $166.6 billion, increasing from $158.4 billion. Total revenue declined to $184.0 million from $211.0 million.

"The strength in financial markets in 2024, along with a shift in asset mix towards private markets AUM and higher-fee strategies, resulted in growth in base management fees for the year," said Lucas Pontillo, Fiera's global chief financial officer. "However, a reduction in performance fees resulted in lower total revenues producing an adjusted EBITDA margin of 28.4% for 2024."

Fiera shares were last seen down $0.80 to $6.54 on the Toronto Stock Exchange.

Price: 6.55, Change: -0.79, Percent Change: -10.76