Nov 12, 2026
Fiera Capital (FSZ) fell 22% after taking its dividend to zero, a decision the company made to free up capital for debt reduction…
… and to reinvest in the business, which is contending with declining AUM…
… that’s put pressure on fee income, with negative Y/Y growth in each quarter since the start of 2025. Management indicated they don’t see more outflows in the near-term…
… but investors are likely to wait a few quarters for proof before viewing the current discount as an opportunity.
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