Press Releases

Fiera Capital Corporation and National Bank announce closing of Natcan transaction

Montreal, 2 April 2012 -

Fiera Capital Corporation (TSX: FSZ) (“Fiera” or the “Firm”) ) and National Bank of Canada (“National Bank” or the “Bank”) (TSX: NA) announced today the closing of the transaction under which Fiera will acquire substantially all of the assets of Natcan Investment Management Inc. ("Natcan") from the Bank for $309.5 million subject to reduction (“the Acquisition”). In return, the Bank, through Natcan, will receive 19,732,299 Class A subordinate voting shares of the share capital of Fiera (the “Class A shares”) as well as a cash payment of $85,553,219.

The Natcan operations will immediately be fully integrated into Fiera's existing business. As of today, the number of directors on the board of Fiera will increase from nine to twelve, including two reserved seats for National Bank. Louis Vachon, President and CEO of National Bank, and Luc Paiement, Executive Vice President - Wealth Management of National Bank, will fill those positions as of today.

The transaction has been approved by regulatory authorities and has satisfied other customary conditions.

Fiera Capital Corporation is the new name of Fiera Sceptre, as approved by the shareholders at Fiera’s annual and special meeting held on March 29, 2012.

Transaction Details
The 19,732,299 Class A Shares (the “Consideration Shares”) over which the Bank exercises control and direction represent approximately 56.11% of the issued and outstanding Class A Shares and 35% of the total number of Class A Shares and Class B special voting shares in the capital of Fiera issued and outstanding. The Bank also received an option to acquire additional Class A Shares of Fiera at a market price determined on the day of exercise, equal to 2.5% of total shares outstanding at the end of September in each of 2013 and 2014. If the options are fully exercised, the Bank will own 40% of the outstanding shares of Fiera. The Bank will also be entitled to protect its ownership in Fiera pursuant to anti-dilution rights.

The Consideration Shares were received pursuant to the Acquisition and are being held for investment purposes. Depending on market and other conditions, the Bank may from time to time in the future increase or decrease its ownership, control or direction over the Class A Shares or other securities of Fiera, through market acquisitions, private agreements or otherwise.

A copy of the Early Warning Report will be filed with applicable Canadian securities regulators and can be obtained on SEDAR at or by contacting:

National Bank of Canada
600 De la Gauchetière Street West, 4th Floor
Montréal, Quebec
H3B 4L2
Attention: Claude Breton, Senior Manager, Public Affairs
Phone: (514) 394-8644

About Fiera Capital
Fiera is a leading publicly traded, independent investment firm with approximately $54 billion in assets under management. The firm is one of only a handful of full service, multi-product investment firms in Canada, offering clients a proven top tier track record in equity and fixed income management as well as depth and expertise in asset allocation and alternative investments. For more information, visit

Additional information relating to the Firm, including the Firm's annual information form, is on SEDAR at

About National Bank of Canada
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. As at January 31, 2012, National Bank has over CDN$175 billion in assets in accordance with IFRS and, together with its subsidiaries, employs 19,785 people. The Bank’s securities are listed on the Toronto Stock Exchange (TSX: NA). For more information, visit the Bank’s website at To access National Bank of Canada’s financial literacy portal, visit


For Fiera Capital:

Mélanie Tardif, CMA
NATIONAL Public Relations

For National Bank of Canada:

Claude Breton           
Senior Director, Public Affairs          
National Bank of Canada      
514 394-8644

Hélène Baril
Senior Director, Investor Relations
National Bank of Canada
514 394-0296