Fiera’s Michel to leave as public CIO as Canadian firm restructures

“This new structure brings portfolio managers closer to management and strengthens alignment with customer results,” the firm said in the note, adding that investment strategies will remain untouched. Michel had been with Fiera Capital since 2022, according to his LinkedIn profile. His biography is no longer available on Fiera Capital’s website.

Officials with the Montreal-based company didn’t immediately respond to a request to comment. It’s the latest management change for the $162 billion (US$117 billion) firm since Menard was appointed as CEO of Fiera Canada and its global private wealth business in January 2024. He is seen as a potential successor to Desjardins, the firm’s founder.



Fiera Capital had more than 860 employees globally in 2024. The company announced April 25 that it will wind down its Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies, which represented about $1.2 billion in assets at end of 2024.

Shares of Fiera are down 12% over the past year. Fiera Capital has been roiled in recent years by management turnover and the departure of star equity manager Nadim Rizk, who started his own firm, PineStone Asset Management Inc. Rizk continues to manage about a quarter of Fiera’s assets, but some clients have pulled money out of Fiera to establish a direct relationship with PineStone instead.

Mathieu Dion, Bloomberg News ©2025 Bloomberg L.P..