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(Bloomberg) — Fiera Capital Corp. founder Jean-Guy Desjardins is stepping down as chief executive officer and will be succeeded by Maxime Menard, who currently heads the firm’s Canada unit.
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The change will take effect July 1, the Montreal-based asset manager said Thursday in a statement. Desjardins will remain chairman.
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Menard “played a central role in stabilizing operations and aligning teams around a shared culture of accountability and performance,” the company said. He joined Fiera in January 2024, after leading Bank of Nova Scotia’s Canadian asset management subsidiary, Jarislowsky Fraser.
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Along with his managers, Desjardins controls the majority of Fiera Capital’s voting power. His previous succession attempt lasted only one year, and he returned in early 2023 to help resolve the firm’s problems, which included mounting outflows and a declining stock price.
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The firm also said Thursday that Chief Legal Officer Gabriel Castiglio will become chief operating officer, and that Chief Financial Officer Lucas Pontillo will expand his current mandate by taking over corporate strategy.
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Last week, Fiera Capital announced that Jean Michel, chief investment officer of its public market unit, was leaving the firm along with other colleagues.
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A few days earlier, the firm said it was winding down its Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies. Those operations, led by Marc Lecavalier, with about C$1.2 billion ($862 million) of assets — mainly from National Bank Investments — which were transfered to Montrusco Bolton Investments.
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The recent restructuring affected about 50 employees, or about 6% of Fiera’s workforce, according to the Globe and Mail.
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Fiera Capital had about C$162 billion of assets under management at the end of March.
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