Important update for the Fiera Canadian Equity Segregated Fund

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada). 

There is no immediate action at this time, but this is a heads-up regarding significant personnel updates on the Fiera Canadian Equity team.  We very recently added the Fiera Canadian Equity Fund (the Fund) to our platform, as communicated on July 2, 2026 (read here).

Please note this update is evolving and the facts below are written as of August 6, 2026.

Fiera recently announced important changes to the leadership team managing the Fund.

On July 29, 2026, Fiera announced that Nessim Mansoor, lead Portfolio Manager (PM) of the Fund, was suspended from his role, further to an investigation relating to concerns about potential breaches of his duty of loyalty and Fiera’s Code of Conduct. Nicholas Smart, CFA, Senior Portfolio Manager, assumed lead portfolio management responsibility for the Fund. Smart had been Co-Lead of the Fund and has been with Fiera since 2016. He has been involved with the team’s flagship strategy since its inception. 

On August 4, 2026, as a result of the ongoing investigation, Fiera terminated Mansoor for cause. Mansoor no longer has any role at Fiera. The same investigation resulted in the termination of Tony Rizzi (co-Portfolio Manager) and team members Howard Leung and Sandra Zhang.

Fiera began legal proceedings against Mansoor, Rizzi, Leung and Zhang. The nature of the alleged misconduct varies by individual and may include breaches of duties of loyalty, fiduciary obligations and/or Fiera’s Code of Conduct. Fiera confirmed these allegations do not involve the management of funds. Fiera also confirmed that there is currently no evidence suggesting compromised portfolio implementation or the underlying investment process.

On August 5, 2026, Fiera announced three new hires to their Canadian Large Cap Equity team, from Jarislowsky Fraser (JF). We note JF is also a Sun Life core platform manager.  The three people moving from JF to Fiera include:

• Charles Nadim will join Fiera as Head of Canadian Equities. Charles has over 28 years of experience, most recently at JF, where he served as Head of Research and Lead Portfolio Manager for its flagship Canadian equity strategies.
• Colin McPherson will join Feira as Portfolio Manager, Canadian Equities responsible for research and portfolio construction. McPherson has 20 years of investment experience and expertise in Financials and Energy.
• Elena Gorbatkova will rejoin Fiera Capital as Portfolio Manager, Canadian Equities, responsible for research and portfolio construction. Elena has 20 years of investment experience and was most recently a Senior Research Analyst at JF within the global equities team. She was previously Vice President and Portfolio Manager at Fiera.

Fiera will announce start dates for Nadim, McPherson and Gorbatkova once each individual has completed their obligations and notice period owed to JF. All three will support Fiera Canadian Equity and the broader Canadian Large Cap Equity platform.

Fiera also indicated that the Fund’s investment philosophy, research framework, proprietary models, objectives, benchmarks, and portfolio guidelines are unchanged. Smart retains responsibility for investment decisions, with Fiera’s Global Investment Office providing ongoing governance and oversight of performance, risk and resourcing.

Sun Life GRS Investment Solutions team view

These updates will result in significant changes to the investment team managing Fiera Canadian Equity.  We are immediately placing the Fiera Canadian Equity Fund ‘On Watch’. The situation is still evolving and we are meeting with Fiera leadership during the week of August 10, to better understand these developments. We will provide another update once the situation has stabilized and we learn more.