February 8, 2011 / 1:19 PM / 7 years ago

UPDATE 2-Fiera Sceptre Q1 profit rises; ups dividend

* Q1 EPS C$0.08 vs C$0.06 year ago

* Fiera bought Sceptre in June last year

* Revenue more than doubles to C$18.8 mln

(Adds deal details, share milestone)

Feb 8 (Reuters) - Canadian money management firm Fiera Sceptre Inc (FSZ.TO) reported a higher first-quarter profit, saying its June 2010 takeover of Sceptre Investment Counsel Ltd had started to pay off.

The company also increased its quarterly dividend by 33 percent to 8 Canadian cents per share payable on March 21 to shareholders of record on Feb. 21.

For the quarter ended Dec. 31, Fiera Sceptre reported net income of C$2.9 million ($2.93 million), or 8 Canadian cents per share, compared with C$853,000, or 6 Canadian cents per share, a year ago.

The company said the comparative figures for fiscal year 2009 were taken from Fiera Capital’s prior year results and not from the financial results of Sceptre.

In June last year, Fiera Capital bought Sceptre Investment Counsel Ltd, creating a new publicly traded company with C$30 billion ($29 billion) in assets under management. Terms of the deal were not disclosed. [ID:nSGE65F0G5]

Revenue more than doubled to C$18.8 million, driven by the addition of Sceptre’s assets, which generated $7.56 million.

Shares of the Montreal-based company, which have risen 19 percent since the deal was announced in June last year, closed at C$8.00 on Monday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Maju Samuel, Sriraj Kalluvila)

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