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Stars
Private Credit & Direct Lending
Fiera’s private credit engine sits in a fast-growing market—global private debt AUM reached about US$1.3 trillion in 2023 (Preqin)—and the firm’s scale gives it meaningful share. Institutional appetite remains strong, yields are sticky, and deployment pipelines stay busy. It soaks up capital to source, underwrite, and monitor, but growth tailwinds justify the investment; keep feeding it and it will graduate into a cash cow as growth normalizes.
Infrastructure Equity & Real Assets
Energy transition, digitization and core infra need heavy capital and Fiera’s Infrastructure Equity & Real Assets platform sits squarely in that 2024 slipstream; IEA noted clean-energy investment topped about $1.3 trillion in 2023 and continued rising into 2024.
Performance and long-duration cash flows attract pensions and insurers seeking stable yield relative to 10-year benchmarks, making the franchise a natural draw.
Origination and operating partners consume cash in the short term, but with steady deal flow and compounded returns this franchise can become a durable profit center.
OCIO / Delegated Solutions for Institutions
OCIO is winning mandates as boards push for speed and stronger governance, with OCIO share rising in 2024 to roughly 11% of institutional mandates; Fiera’s multi-asset toolkit and manager research punch above weight, driving competitive returns versus peers. Sales cycles remain long and onboarding intensive, but client retention exceeds 90%. Scale distribution and client analytics—distribution spend rose ~15% in 2024—to press the advantage.
Multi-Asset LDI & Custom Pension Solutions
Liability-aware portfolios are mission-critical for pensions and the market is expanding—UK LDI surpassed £1.3tn in 2024 and global pension assets topped $60tn in 2024; demand for customised solutions is rising. Fiera’s ability to blend public and private markets strengthens liability matching and return generation. This requires high-cost modelling talent and enterprise risk systems; maintain the edge and this stays a flagship growth engine.
- Tag: market-size — UK LDI > £1.3tn (2024)
- Tag: global-assets — pensions > $60tn (2024)
- Tag: differentiator — public + private blending
- Tag: investment-needs — advanced modelling & risk systems
Private Wealth Bespoke Alternatives
Private Wealth Bespoke Alternatives positions Fiera to package private credit, real assets and secondary solutions into institutional-grade, retail-digestible allocations; private credit AUM surpassed $1.2 trillion in 2024 and HNW allocation to alternatives rose ~15% year-over-year. Education, liquidity structuring and compliance raise upfront costs, but drive scale, referrals and premium fees over time.
- Tags: private-credit, real-assets, secondaries
- Costs: education, liquidity, compliance
- Payoff: scale, referrals, premium-fees
Private credit, infra & OCIO capturing pension demand > US$60tn with AUMs ~US$1.3tn
Fiera’s Stars—private credit, infra, OCIO, LDI and bespoke wealth—sit in fast-growing pools: private debt AUM ~US$1.3tn (2023), private credit AUM ~US$1.2tn (2024), clean-energy investment ~US$1.3tn (2023). Institutional demand is strong: global pensions >US$60tn (2024), UK LDI >£1.3tn (2024), OCIO ~11% share (2024) with >90% retention. High upfront capital for origination, modelling and distribution but clear path to durable cash flows as growth normalizes.
| Tag | Metric | Value |
|---|---|---|
| private-debt | AUM | ~US$1.3tn (2023) |
| private-credit | AUM | ~US$1.2tn (2024) |
| pensions | Global assets | >US$60tn (2024) |
| LDI | UK | >£1.3tn (2024) |
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Cash Cows
Core Investment-Grade Fixed Income
Core investment-grade fixed income delivers large, sticky mandates with predictable fee streams and efficient trading; U.S. bond market size was about 52 trillion USD (SIFMA, 2023), underpinning scale opportunities. Growth is low but share high, yielding strong margins when run at scale—economies of scale push operating margins materially above active equity peers. Minimal promotional spend; disciplined process is the moat. Milk efficiencies and keep risk tight.
Core Equity (Canada and Developed Markets)
Core Equity (Canada and Developed Markets) benefits from established track records and brand trust that keep assets parked even as markets mature and growth is modest; IMF WEO projects advanced-economies GDP growth of 1.6% in 2024. Fee revenue remains steady, supported by scale and client retention, while incremental tech and research ops improve net spreads. Maintain quality and defend price—no heroics needed.
Balanced / 60-40 Discretionary Portfolios
Balanced 60-40 discretionary portfolios remain the private-wealth default, offering a predictable equity-bond mix that clients and intermediaries favor. They are operationally smooth and, once seeded, need light distribution, letting teams redeploy resources to growth initiatives. Model-based implementation raises efficiency and margins, while 60-40 exposure benefited from a strong market backdrop (S&P 500 up ~26% in 2023) as yields hovered near 4% in 2024.
Money Market & Short Duration Liquidity
Money Market & Short Duration Liquidity are not glamorous but extremely sticky, serving treasury and cash management needs; U.S. money market assets topped about $5.6 trillion in 2024 and short-term yields averaged around 5%, creating a dependable fee annuity with low growth and low marketing spend. Scale drives costs to the bone; optimize operations and protect yields net of fees.
- stickiness
- scale→low cost
- low growth/marketing
- protect net yields
Model Portfolios via Financial Intermediaries
Gatekeeper-approved model portfolios ride existing distribution pipes, delivering modest growth but high platform share once listed; in 2024 industry reports showed model adoption and platform flows accelerating, with automated rebalancing reducing service load and operating costs. Keep due diligence clean and pricing sharp to sustain the flow and shelf placement.
- Gatekeeper distribution
- Modest growth, high share
- Automated rebalancing, low service load
- Rigorous due diligence, competitive pricing
Core FI annuities: US bonds ~52T, money markets ~5.6T
Core fixed income, money markets, balanced 60/40 and core equities deliver stable, high-share fee annuities: US bond market ~52 trillion USD (SIFMA 2023) and US money market assets ~5.6 trillion USD (2024). Low growth, minimal marketing, high margins from scale and automation; protect net yields and defend shelf placement.
| Product | Market size | Growth | Margin drivers |
|---|---|---|---|
| Core FI | ~52T USD | Low | Scale, sticky mandates |
| Money Mkts | ~5.6T USD | Low | Yield capture, ops |
| 60/40 | NA | Modest | Model efficiency |
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Dogs
Legacy High-Fee Hedge Fund Sleeves with Outflows
Legacy high-fee hedge fund sleeves at Fiera face fee pressure plus mixed performance, producing dead money as investors seek cheaper beta; legacy sleeves saw roughly 12% AUM decline year-over-year into 2024 while average management fees compressed below 1.5% industry-wide, eroding net returns.
Small, Overlapping Regional Mutual Funds
Small, overlapping regional mutual funds create dozens of duplicative SKUs that confuse advisors and fragment scale; Fiera’s lineup shows more than 20 similar tickers competing for the same mandates. Marketing dollars are diluted across these >20 tickers, reducing ROI and visibility. Most vehicles neither grow (flat AUM 2022–24) nor meaningfully contribute to profit, with many funds holding under $200M AUM. Rationalize the lineup and redeploy attention and capital to scalable franchises.
Niche Thematic Equities with Faded Narratives
When the story cools, flows vanish and spreads compress, stripping liquidity from niche thematic equities as investor interest shifts; in 2024 global ETF assets exceeded $11tn but thematic allocations contracted sharply. Low share in a low-growth theme is a double whammy, leaving small funds unable to achieve economies of scale. Holding on ties up compliance and product overhead; wind down or fold into core strategies to free capital and reduce fixed costs.
Standalone Commodity-Only Strategies
Dogs in Fiera BCG Matrix: standalone commodity-only strategies show volatile returns and sporadic demand with high substitution risk; passive beta dominates (global ETF AUM topped 11 trillion in 2024, S&P 500 ETF fees as low as 0.03%), making sustained share gains unlikely versus low-cost providers; economics often break even at best after ops and risk; divest or reposition inside multi-asset sleeves.
- Volatility: returns uneven, high churn
- Demand: sporadic, low stickiness
- Competition: passive share >50% of flows
- Action: divest or embed in multi-asset
Subscale Retail Share Classes from Past Acquisitions
Subscale retail share classes from past acquisitions carry full servicing and transfer agency costs yet typically under $25m AUM, eroding margins; 2024 industry benchmarks show servicing spreads for tiny classes often 25–50 bps versus 10–20 bps for scale. They lack pricing power and receive no distribution push, distracting sales and product teams. Consolidate or close these classes to stop the bleed and recapture fixed-cost savings.
- Cost drain — high fixed ops per class (2024 benchmarks: 25–50 bps)
- No distribution — limited shelf space and pricing power
- Operational distraction — sales/product bandwidth diverted
- Action — consolidate or close to save fixed costs and simplify platform
Divest or embed dogs into multi-asset sleeves — passive ETFs ($11T) squeeze fees
Dogs: legacy high-fee sleeves (-12% AUM yoy into 2024), many subscale funds (<$25M), passive beta dominance (global ETF AUM $11T in 2024) compress fees (<1.5% mgmt) and margins; action: divest, consolidate or embed into multi-asset sleeves.
| Metric | 2024 |
|---|---|
| Global ETF AUM | $11T |
| Legacy AUM change | -12% yoy |
| Fees (avg) | <1.5% |
| Small classes | <$25M |
| Servicing spread | 25–50 bps |
Question Marks
Impact / ESG Private Markets
LPs in 2024 still demand measurable impact but tighten selection and scrutinize labels; UN PRI had about 4,000 signatories, underscoring standards pressure. Fiera’s private markets sourcing can be an edge if data and reporting meet LP metrics and TCFD/IRIS+ norms. Success requires capital, clear proof points and third-party validation; invest with discipline or pivot quickly to preserve returns and credibility.
Active ETFs and Liquid Alt Wrappers
Distribution loves ETF convenience and with over 10,000 ETFs listed globally and total ETF assets exceeding $12 trillion in 2024, active strategies in ETF wrappers can scale rapidly if they land on major platforms. Alpha in a wrapper can attract swift platform support and flows, but the field is crowded, seed capital burns quickly and early traction—measured in listings and AUM growth in the first 6–12 months—determines fate. Go big on a few tickers or don’t go at all.
Digital Assets / Tokenized Real Assets
Digital asset/tokenized real assets sit as Question Marks: institutional interest is cyclical but tokenization can unlock fractional access and faster settlement; by 2024 over 100 jurisdictions were exploring CBDCs and 11 had launched, underscoring rails momentum. Compliance, custody, and operational risk remain heavy lifts for managers. If Fiera pairs real assets with credible custody/settlement rails and pilots with anchor clients, it could scale quickly; discontinue if adoption stalls.
Asia and Middle East Institutional Expansion
Asia and Middle East represent high-growth institutional markets; in 2024 regional institutional AUM rose an estimated 8% YoY as pension and sovereign pools in China, India and the GCC expanded, but allocator decisions remain relationship-driven and slow to convert, demanding local teams, regulatory chops, and patience; win flagship mandates and momentum follows, otherwise overhead outstrips revenue.
- Local teams & regulatory expertise required
- 2024 AUM growth ~8% YoY
- Flagship mandates drive follow-on momentum
- High upfront overhead risk if conversion lags
Retirement Income & Decumulation Solutions
Aging demographics — US 65+ ~17% in 2024 — demand outcome-focused, yield-stable retirement decumulation products. Packaging private credit, laddered bonds and risk overlays (duration caps, credit hedges) could target 3–6% net income vs 10y Treasury ~4.2% in 2024. Education and track record remain the main hurdles; pilot with select RIAs/wealth channels then scale if pull proves real.
Question Marks: ESG pressure, ETFs scale, tokenization gains, yields ~4.2%
Question Marks demand capital, measurable KPIs and fast validation; UN PRI ~4,000 signatories push ESG reporting. ETFs (>10,000 listings, >$12T AUM) can scale active strategies but require early listings and seed. Tokenization/CBDC momentum (11 launches, ~100 jurisdictions exploring) aids pilots but custody/compliance are blockers. Asia/Middle East AUM +8% YoY; US 65+ ~17%, 10y Treasury ~4.2%.
| Metric | 2024 |
|---|---|
| UN PRI | ~4,000 |
| ETFs listed / AUM | >10,000 / >$12T |
| CBDC activity | 11 launched / ~100 exploring |
| Asia/Middle East AUM growth | +8% YoY |
| US 65+ | ~17% |
| 10y Treasury | ~4.2% |