Fiera Sinks 11% as Rizk’s Exit Leads to $4 Billion Outflow (2)

Canadian asset manager Fiera Capital Corp. is losing a C$5.5 billion ($4 billion) mandate as another fund manager ends an advisory deal with the firm. The shares tumbled.

Fiera announced Friday that Canoe Financial LP will end an arrangement that involves both Fiera and PineStone Asset Management, a firm run by Nadim Rizk, formerly a star money manager at Fiera.

Starting in January, Canoe will deal directly with PineStone to get the services of Rizk and his team on a C$5.5 billion, four-fund mandate — cutting Fiera out of the loop.

Nadim Rizk, founder and chief executive officer of PineStone Asset Management Inc., in his Montreal office.

Photographer: Nasuna Stuart-Ulin/Bloomberg

In 2019, Canoe purchased the funds ...