Fiera (FSZ) fell 13% today on the back of its preliminary Q3 AUM release, which showed assets declining 7% Q/Q…

… with rising rates causing $4B of negative market impact and $8B of outflows doing the rest. With private market AUM holding steady, the $12B drawdown was largely driven by public markets…

… with $5B attributable to sub-advised AUM. At more than 60% of company revenue…

… the 8% decline in public markets AUM should put pressure on forward fee income, which has already slowed over the past year…

… despite strong market performance (meaning outflows have been meaningful), causing significant multiple compression as investors await signs of stabilization.

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